The Intercontinental Exchange (ICE) hailed record volumes for the IFAD Murban crude oil futures contract as it enters its fourth year. The contract’s March 2021 launch marked a watershed moment for regional crude oil markets, with Adnoc relinquishing control of pricing its flagship crude oil grade to market forces (MEES, 12 March 2021).
Over the following three years, the contract has gradually become an entrenched player in the regional trading landscape. Murban volumes dipped through the first 18 months after the contract’s launch, but have been on a sharp upwards trajectory since early 2023 (see chart 1). This coincides with the December 2022 appointment of Gary King as IFAD President, an industry veteran who previously headed up the Dubai Mercantile Exchange (DME) on which the Oman crude oil futures contract trades. (CONTINUED - 811 WORDS)
