Oil-rich Abu Dhabi to start trading crude futures from March

Oil-rich Abu Dhabi to start trading crude futures from March

Oil-rich Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time.

The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate's flagship Murban crude grade, pending regulatory approvals, Intercontinental Exchange said in a statement on Monday.

The Atlanta-based operator of trading and clearing platforms is setting up the exchange with government producer Abu Dhabi National Oil Co. (ADNOC) and other oil suppliers.

Abu Dhabi is the capital of the United Arab Emirates - OPEC's third-largest producer - and it holds most of the UAE's oil. Murban crude, pumped from onshore fields, comprises more than half of the country's output, now at around 2.6 million barrels daily.

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