Abu Dhabi state giant Adnoc unveiled key details for its plans to transform its Murban crude grade into a regional benchmark during its flagship Adipec conference this week. Intercontinental Exchange (Ice) confirmed that it will launch the new Ice Futures Abu Dhabi (IFAD) exchange, which will be hosted in the Abu Dhabi Global Market (ADGM) financial center.

Adnoc CEO Sultan al-Jaber calls the IFAD plans “bold… a historic step in the right direction. This will help cement Abu Dhabi as a true global hub in the energy market.” “Given the significant flows of Murban, particularly into Asia, we believe the oil market is very ready for a new more geographically relevant marker.” (CONTINUED - 1086 WORDS)