ADNOC Abandons Two-Month Ahead Pricing for Prompt-Month Platts Dubai Benchmark
ADNOC, the Abu Dhabi National Oil Company, is making a significant change to its crude pricing strategy. As of November 1, 2026, all of its Abu Dhabi crude grades will move to a prompt-month pricing methodology based on the Platts Dubai benchmark.
This marks a notable evolution in ADNOC's pricing strategy, which previously used ICE Futures Abu Dhabi (IFAD) Murban futures to price cargoes two months ahead. The new approach aligns with how much of Asia's refining industry manages its product exposure, allowing for faster price discovery and more effective hedging.
The change reflects the dramatic changes in Middle Eastern oil markets over the past year, driven by successive geopolitical crises that have altered how refiners purchase and hedge crude. By moving to prompt-month pricing, ADNOC is effectively synchronizing crude pricing with refinery economics, which has become increasingly important in an era of volatility.
The updated methodology will extend across ADNOC's entire Abu Dhabi crude portfolio, including Murban, Das, Upper Zakum, and Umm Lulu. A unified approach simplifies pricing while allowing ADNOC to continue differentiating individual grades through quality adjustments reflected in the official differential.