ADNOC has announced that it is changing the pricing methodology for its crude oil. The oil giant stated on Friday that it will move away from its ICE Futures Abu Dhabi-based pricing methodology, which prices crude off the Murban futures contract, and switch to a prompt-month system built around the Platts Dubai benchmark.
The change takes effect on November 1 and covers all four of ADNOC's Abu Dhabi grades: Murban, Das, Umm Lulu, and Upper Zakum:
Under the new formula, ADNOC will set official selling prices using the Platts Dubai assessment plus a company-announced differential, disclosed the month before the target delivery month:
ADNOC states that this change aligns pricing more closely with the actual month crude loads, replacing a system that had set prices two months out since the IFAD Murban contract launched in 2021:
This move follows three months after the UAE's exit from OPEC, which freed ADNOC from production quotas:
