ADNOC Pivots Crude Pricing to Platts Dubai Benchmark

Starting November 1, ADNOC will determine official selling prices by applying a company-announced differential to the Platts Dubai assessment. This replaces the previous methodology, which relied on the ICE Futures Abu Dhabi (IFAD) Murban contract and set prices two months ahead of physical loading. The transition applies to Murban, Das, Umm Lulu, and Upper Zakum, effectively pulling the Murban grade—which constitutes roughly two-thirds of the company’s total output—into the Dubai-linked framework.

The shift arrives just three months after the UAE’s departure from OPEC and OPEC+ on May 1. By abandoning the IFAD-based formula, the company is moving away from the regional benchmark it once positioned as a direct competitor to Brent and WTI. While ADNOC characterized the update as a routine commercial review designed to enhance pricing transparency, analysts view the overhaul as a deeper push toward strategic autonomy in managing energy assets. The adjustment formalizes a trend already observed by price reporting agencies, as Murban had increasingly become a primary driver in setting the Dubai benchmark value.