Simon Watkins, oil price.com, summarizes the UAE’s three pronged plan to become more influential in international oil trading, here…
”Specifically, last week saw the launch by ADNOC of a dedicated Murban futures contract on a new Abu Dhabi-based exchange – the ICE Futures Abu Dhabi platform (IFAD) – in partnership with the Intercontinental Exchange (ICE).
The light, sweet Murban crude oil grade is one of the four crudes produced by ADNOC, although it accounted for around half of the UAE’s total near-4 million bpd crude oil production before the outbreak of the COVID-19 pandemic. According to ICE and ADNOC, Murban futures is the second physically delivered futures contracts traded on a regional exchange after Dubai Mercantile Exchange’s Oman crude futures, and Murban is also a deliverable grade in the Platts benchmark Dubai and Oman crude assessments. ICE and ADNOC partnered with BP, GS Caltex, Inpex, ENEOS, PetroChina, PTT, Shell, Total and Vitol to launch the IFAD, and ICE has also announced agreements with Chevron, Trafigura, and Occidental to explore using the contract to price crude exports from the U.S. to Asia.“
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