ADNOC Shifts to Prompt-Month Crude Pricing Amid Geopolitical Uncertainty

The Abu Dhabi National Oil Company (ADNOC) is making significant changes to its crude pricing methodology. Starting November 1, 2026, ADNOC will switch from a two-month-ahead pricing system using ICE Futures Abu Dhabi (IFAD) Murban futures to a prompt-month pricing method based on the Platts Dubai benchmark.

This change reflects the evolving market environment in the Middle East, where successive geopolitical crises have disrupted physical markets and created a need for immediate price visibility. ADNOC's move aligns with how Asian refiners manage their product exposure, allowing for faster price discovery, more effective hedging, and a pricing methodology that better reflects prevailing market conditions.

The updated methodology will apply to all of ADNOC's Abu Dhabi crude grades, including Murban, Das, Upper Zakum, and Umm Lulu. The company will publish an ADNOC-announced differential in the month preceding loading, allowing for a unified approach that simplifies pricing while continuing to differentiate individual grades through quality adjustments.