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Murban crude futures on the market at ADXMENA

Murban crude futures on the market at ADX

Murban crude future contracts started trading on the Abu Dhabi markets, joining other oil benchmarks such as Brent and the US’s West Texas Intermediate. The UAE’s flagship grade, which accounts for half of the country’s production (courtesy of ADNOC), flows at around 1.7 million barrels a day.

The Murban contract was trading at $64.03 per barrel at 3pm UAE (not bad for the newcomer), according to the Intercontinental Exchange Inc (ICE).

The launch was such a game-changing event that even the UAE’s Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Mansour bin Zayed, made sure to attend at the Abu Dhabi Global Market (social distancing and mask in check, of course).

why it matters
While the Middle East is the world’s biggest crude supplier, it was missing a heavyweight oil trading and pricing benchmark. Murban can potentially become a key global benchmark for trading regional crude (increasing the UAE’s global energy competitiveness).