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CommoditiesMediumUpdated•Originally published 31 July 2026•Updated 31 July 2026•
1 min read

ADNOC Shifts Crude Pricing Mechanism to Platts Dubai Benchmark

Key Facts

1ADNOC is changing its pricing formula for four crude grades (Murban, Das, Umm Lulu, and Upper Zakum) to a prompt-month system based on the Platts Dubai benchmark.
2The new pricing mechanism will take effect on November 1, moving away from the ICE Futures Abu Dhabi-based Murban methodology.

In a move aimed at aligning UAE crude prices more closely with regional physical market realities, ADNOC has announced a significant shift in its pricing formula. The company will transition to a prompt-month system based on the Platts Dubai benchmark for its four main crude grades: Murban, Das, Umm Lulu, and Upper Zakum. This transition is designed to link official selling prices more directly to the actual month of crude loading.

The new pricing mechanism is set to take effect on November 1, 2026, marking a departure from the previous methodology that relied on Murban futures contracts and a two-month-ahead pricing cycle. According to reports, this structural change aims to harmonize Abu Dhabi's crude valuation with regional benchmarks and Asian market dynamics, while ADNOC confirmed that the shift will not materially impact its existing delivery obligations.

Looking ahead, market participants are eyeing the upcoming OPEC Meeting on July 28, 2026, as a key catalyst for energy sector sentiment. Traders will also monitor the API Crude Oil Stock Change and the EIA Weekly Petroleum Report in the coming days to gauge global demand levels and their influence on the company's newly structured price differentials.