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Commodities

ADNOC Overhauls Crude Pricing Methodology

Oilprice.com · 1h ago · 🇦🇪 United Arab Emirates

ADNOC Overhauls Crude Pricing Methodology

Abu Dhabi National Oil Co. is changing up the pricing formula it built its flagship crude benchmark on. ADNOC said Friday it will move away from its ICE Futures Abu Dhabi-based pricing methodology, which prices crude off the Murban futures contract two months ahead of loading, and switch to a prompt-month system built around the Platts Dubai benchmark. The change takes effect Nov. 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…

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