ADNOC overhauls the pricing of Abu Dhabi crude, moving to prompt month Platts Dubai from 1 November

Abu Dhabi National Oil Company (ADNOC) announced on Friday, 31 July 2026, that it is changing the Official Selling Price (OSP) methodology for its Abu Dhabi crude grades following a regular commercial review.

According to the announcement, from 1 November 2026 the current methodology, which is based on the Murban futures contract on ICE Futures Abu Dhabi and prices crude two months ahead of loading, will be dropped in favour of prompt month pricing based on the Platts Dubai benchmark plus a differential announced by ADNOC in the month preceding the target delivery month. The new methodology will apply across Abu Dhabi's onshore and offshore grades, including Murban, Das, Umm Lulu and Upper Zakum, aligning pricing more closely with the month of loading.

The change is one of the most significant revisions to West Asian crude pricing mechanics in years, and comes after months in which sharp swings in oil prices and disrupted traffic through the Strait of Hormuz made the gap between the announced price and the price at loading costly for buyers. The UAE is one of the largest crude exporters on the Persian Gulf, and its pricing benchmark bears on sales contracts with Asian customers.