ADNOC Shifts Crude Pricing to Platts Dubai Benchmark

The Abu Dhabi National Oil Company (ADNOC) announced a comprehensive overhaul of the pricing methodology for its four crude grades—Murban, Das, Umm Lulu, and Upper Zakum—effective November 1, 2026. The company is transitioning from a system based on ICE Futures Abu Dhabi Murban futures contracts, which set prices two months before loading, to a prompt-month structure tied to the Platts Dubai benchmark.

Under the new formula, official selling prices will be determined by the Platts Dubai assessment plus a company-announced differential disclosed in the month before delivery. This shift is designed to align crude pricing more closely with refinery economics in Asia and the physical loading month, enhancing commercial clarity and transparency for investors and customers. The move reflects changing market conditions caused by geopolitical crises and follows the May 1, 2026, exit of the United Arab Emirates from OPEC and OPEC+, which granted the company greater autonomy over its commercial terms.

ADNOC confirmed that the transition will not materially impact its debt liabilities, physical delivery obligations, or listed financial instruments. The company stated it remains focused on providing reliable energy supplies through its trading, shipping, and logistics capabilities.