UAE Rewrites Offshore Oil Pricing To Capture Asian Markets

AI Summary

Abu Dhabi has redefined offshore oil pricing through the Murban crude benchmark, making it a dominant global standard traded on the ICE Futures Abu Dhabi exchange. Its continuous trading, deep liquidity, and removal of destination restrictions have elevated Murban crude over older benchmarks like Platts Dubai.

Previously, we reported that Abu Dhabi’s flagship crude, Murban crude, has rapidly risen to prominence, with Murban crude futures having rapidly evolved from a regional benchmark into a primary global pricing standard. Known for its high API gravity and low sulfur content, Murban serves as a globally recognized energy benchmark traded on the ICE Futures Abu Dhabi (IFAD) exchange. By offering continuous screen-trading, deep liquidity and the removal of destination restrictions, Murban has bypassed older, restricted benchmarks like Platts Dubai,…