Adnoc Proposes Crude Oil Pricing Switch

3 Jul 2026 Issue: 69 / 27 By: Jamie Ingram

Adnoc is considering reforming its crude oil pricing methodology, with offshore grades potentially priced against Dubai rather than the IFAD Murban contract. Such a move aligns with customer preferences at a time when Adnoc aims to market record volumes.

Adnoc is considering the biggest shake-up of its crude oil pricing since it launched the ICE Futures Abu Dhabi (IFAD) Murban contract in 2021 (MEES, 12 March 2021), and has started consultations with term buyers. This comes amid a once-in-a-generation transformation of the UAE’s oil sector as it grapples with the fallout from the closure of the Strait of Hormuz (MEES, 3 July) and simultaneously embarks on its post-Opec journey (MEES, 1 May).

As preparation for the IFAD launch, Adnoc removed destination restrictions and switched from retroactive to forward pricing (MEES, 8 November 2019). Since then, the Murban official selling price (OSP) has been set on the IFAD exchange two months in advance – September is now the front month contract – with offshore grades – Upper Zakum, Das and Umm Lulu – priced at differentials against Murban. (CONTINUED - 905 WORDS)