Abu Dhabi Addition of New Exchange-Traded Oil Slips to Next Year - Bloomberg
Abu Dhabi is taking its time about allowing one of the emirate’s top crude grades to be traded on a regional exchange.
Traders had expected Abu Dhabi National Oil Co. to allow its Upper Zakum crude to be listed on the ICE Futures Abu Dhabi exchange by the middle of this year. They now don’t see that happening until mid-2024 at the earliest, according to traders who asked not to be identified discussing market developments.
People with knowledge of the state-run company’s approach said there is a sense that Upper Zakum might not be optimally priced right now relative to other regional crudes. In addition, the UAE’s need to adhere to OPEC oil supply cuts, and how that dovetails with an exchange-traded product, is also under consideration, they said.
Adnoc and the Intercontinental Exchange Inc. both declined to comment.
No comments:
Post a Comment