Story thread · 13 reports / 7 sources

Adnoc to shift pricing benchmark to Platts Dubai amid evolving market conditions

thenationalnews.com · 11dShare

Adnoc will move its pricing benchmark to the Platts Dubai system from November 1, as it seeks to sustain the strong demand for its crude oil products amid shifting geopolitical patterns. The move will involve the industry major transitioning from the current Ice Futures Abu Dhabi-based pricing methodology and will apply to its crude grades including Murban, Das, Umm Lulu and Upper Zakum, Adnoc said in a statement on Friday. It will also move Adnoc's official selling prices to a prompt-month pricing methodology, in addition to a differential Adnoc will be announcing in the month preceding the target delivery month to align costs closer to the month of loading, it said. Ice Futures uses the Murban futures contract and prices crude two months before loading. Platts Dubai, on the other hand, refers to the physical price of Dubai crude oil loading through the month of assessment by S&P Global Energy. The Dubai price is the primary physical pricing reference for crude oil loading from the Mi

First report: Aldar’s second-quarter profit rises 10% on revenue boost from property sales — thenationalnews.com, 13d