UAE Ditches Murban Benchmark for Dubai-Platts Pricing System

The United Arab Emirates (UAE) is revamping its crude oil pricing mechanism in response to sharp market fluctuations. Abu Dhabi National Oil, the UAE's state oil company, will start using a regional Dubai benchmark published by Platts from November 1st for all Adnoc onshore and offshore crudes.

This move comes after wild swings in the benchmark used previously, the ICE Futures Abu Dhabi Murban contract, which started in 2021. Pricing will now be announced in the month prior to loading, rather than two months ahead.

The change aims to bring the UAE more in line with other regional producers, such as Saudi Arabia. It is significant for Asian oil refiners who usually dominate buying of the country's barrels.