Adnoc is shaking up its crude oil marketing ahead of the much-awaited launch of the Murban futures contract later this month. In a major announcement this week, the Abu Dhabi energy giant announced that it is lifting destination restrictions on its crude grades in a move which will generate an increased spot market for its oil.

“This is to create a more freely traded commodity that can be traded on the global markets,” Khaled Salmeen, Adnoc’s Executive Director for Marketing, Supply and Trading told a 2 March media briefing. “We believe that the removal of restrictions will bring additional value to our customers, and at the same time to Adnoc.” (CONTINUED - 976 WORDS)