One year ago, Abu Dhabi launched the Murban futures contract, relinquishing control of the pricing of its flagship crude oil export grade to the vagaries of the market. Murban has been freely tradeable on the ICE Futures Abu Dhabi (IFAD) exchange since 29 March 2021 (MEES, 2 April 2021). Production capacity of the grade stands at around 2mn b/d of 40° API, 0.7% sulfur crude, and exports of around 1mn b/d go overwhelmingly to Asia (see charts).