finance
UAE Shifts Offshore Crude Pricing to Dubai Benchmark
The UAE is linking some offshore medium-sour grades to the Dubai benchmark instead of Murban futures. The change removes destination restrictions and uses the Habshan-Fujairah pipeline to reach Asian buyers.
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The UAE is adjusting pricing for certain offshore medium-sour crude streams by tying them to the Dubai benchmark rather than Murban futures. The move follows the end of OPEC production limits and an increase in UAE output. Officials aim to improve competitiveness in Asian spot markets.
Previously, these grades were priced against Murban, a light-sweet crude traded on ICE Futures Abu Dhabi. The new structure corrects what the report described as a pricing distortion. ADNOC is routing exports through the Habshan-Fujairah pipeline, which avoids the Strait of Hormuz.
The pipeline provides uninterrupted transport to Fujairah for loading onto tankers bound for Asia. Murban crude itself remains a global benchmark with continuous screen trading and no destination restrictions. It continues to be traded separately on the same exchange.
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CorroborationModerate · 2 sources
