Abu Dhabi Plans to Start Futures Contract for Its Main Oil Grade - Bloomberg:
Abu Dhabi will begin trading futures contracts of its flagship oil grade in what could eventually become a new price benchmark for a fifth of the world’s crude.
Trading in Murban crude futures aims at “strengthening Abu Dhabi’s position as a global energy player,” Crown Prince Mohammed Bin Zayed Al Nahyan said Monday in a Tweet. The emirate also reported significant increases in its oil and gas reserves.
Adnoc produces about 1.7 million barrels a day of Murban, its best and most abundant grade. It hopes the planned Murban contract will provide a benchmark for exports of crude from the Persian Gulf, which supplies about a fifth of the world’s oil. Most Middle Eastern producers price their crude based on the Oman and Dubai benchmarks.
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