Starting November 1, the Abu Dhabi National Oil Company (ADNOC) is set to transition its official selling price (OSP) benchmark for all crude grades from Murban futures to prompt-month Platts Dubai pricing. This strategic pivot impacts all of the company’s onshore and offshore crude varieties, including Murban, Das, Umm Lulu, and Upper Zakum. By aligning its pricing more closely with the actual month of loading, ADNOC aims to enhance transparency for its expanding network of global customers and investors, with price differentials against Dubai quotes to be announced the month prior to cargo loading.

This unexpected policy shift arrives amid a volatile geopolitical climate in the Middle East and follows a period where the company had already begun utilizing spot tenders based on Dubai quotes. While the move caught some market participants by surprise, ADNOC assured stakeholders that the transition would not significantly affect its listed financial instruments or existing Sukuk programs. In the wake of this announcement, ICE Futures Abu Dhabi (IFAD) confirmed it would suspend trading for Murban crude future contracts that lack open interest, marking a notable change in direction for the exchange that was originally established to cement Murban as a premier global benchmark.