Abu Dhabi set the price for its benchmark Murban crude grade based on futures trading on an exchange in the Middle Eastern petrostate for the first time.
Government-owned Abu Dhabi National Oil Co. will sell Murban crude for $63.35 a barrel in June, according to a company statement. ADNOC set pricing for its other three crude grades at discounts of 5 cents a barrel to 40 cents a barrel less than Murban.
The official selling price for Murban is determined based on futures trading on the ICE Future Abu Dhabi exchange, which ADNOC owns along with Atlanta-based Intercontinental Exchange.
Murban futures contracts began trading at the end of March, the first step in ADNOC’s plan to establish the grade as a benchmark for sales of other regional crudes.