UAE links offshore crude grades to Dubai benchmark, pushes Murban as global index

Abu Dhabi National Oil Co. (ADNOC) announced that the official selling prices for its three offshore grades—Upper Zakum, Das and Umm Lulu—will be calculated as a differential against the Dubai benchmark instead of Murban futures. The new formula applies to prompt cargoes loading two months ahead.

Simultaneously, the United Arab Emirates is promoting its flagship Murban crude on the ICE Futures Abu Dhabi platform as a market‑driven benchmark, aiming to attract Asian refiners by offering greater price transparency and removing destination restrictions.

The shift follows market disruption during the US‑Iran conflict and the recent reopening of the Strait of Hormuz. Asian refiners in Japan, South Korea and India, now well supplied, can negotiate discounts on Dubai‑linked offshore cargoes. By aligning the offshore grades with the globally recognized Dubai price, ADNOC seeks to match physical market fundamentals and sustain sales to these Asian markets.