UAE Switches Crude Oil Pricing Benchmark Amid Market Volatility
The United Arab Emirates (UAE) is overhauling its pricing system for crude oil grades, following wild swings in the benchmark it has been using. Abu Dhabi National Oil Co., the UAE's state oil company, announced that from November 1st, all Adnoc onshore and offshore crudes will price using the regional Platts Dubai benchmark.
This change affects how Adnoc prices its crude oil grades, moving away from the ICE Futures Abu Dhabi contract that started in 2021. The switch to the Platts Dubai benchmark comes after months of volatility in the benchmark currently used.