Abu Dhabi state firm Adnoc is preparing a second transformational shift for its crude oil marketing in barely two years in a move which could have significant implications for regional crude oil pricing. Multiple sources tell MEES that the Upper Zakum crude oil futures contract is due to be launched on the ICE Futures Abu Dhabi (IFAD) exchange in Q3 this year, although a slip into Q4 remains possible. Adnoc and ICE declined to comment.

“I thought it might have been ready for Q1 this year, so Q3 is very achievable,” says one informed source. (CONTINUED - 1645 WORDS)