ADNOC Abandons Murban Futures Contract for Dubai-Linked Pricing

Abu Dhabi National Oil Co. (ADNOC) is changing its crude pricing methodology, effective November 1. The company will move away from using the ICE Futures Abu Dhabi-based pricing method and switch to a prompt-month system based on the Platts Dubai benchmark.

The new formula will set official selling prices for ADNOC's four Abu Dhabi grades - Murban, Das, Umm Lulu, and Upper Zakum - using the Platts Dubai assessment plus a company-announced differential. This change aims to align pricing more closely with actual month crude loads, replacing a system that priced two months ahead.

The move follows ADNOC's exit from OPEC and OPEC+, which took effect on May 1. Analysts have framed this as part of Abu Dhabi's push toward strategic autonomy in managing its energy business.

ADNOC stated that the change will not materially affect any listed instruments, including bonds issued under the ADNOC Murban GMTN and Sukuk programs. The company emphasized its commitment to meeting delivery obligations across all grades.