• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 14 hours Evergrande is going Belly Up.
  • 7 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 17 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 1 day Ten Years of Plunging Solar Prices
  • 2 days Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 4 days Ozone layer destruction driving global warming
  • 4 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
IEA Sees Robust Oil Demand In October

IEA Sees Robust Oil Demand In October

After three consecutive months of…

OPEC May Cut 2022 Oil Demand Forecast

OPEC May Cut 2022 Oil Demand Forecast

OPEC could revise down its…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Majors Team Up To Launch World’s Newest Crude Exchange

Abu Dhabi National Oil Company (ArDNOC) and nine of the world’s biggest energy traders—including BP, Shell, Total, and Vitol—are partnering to launch a crude oil futures exchange in Abu Dhabi, operator Intercontinental Exchange ICE said on Monday.

The ICE Futures Abu Dhabi will host the world’s first Murban crude oil futures contracts.

Abu Dhabi’s Supreme Petroleum Council (SPC) has decided to list ADNOC’s Murban crude grade as a futures contract on an internationally recognized exchange, ADNOC said last week, adding that this would unlock “greater value for its customers, ADNOC and the UAE.”  

The Murban futures contract could be a successful crude oil benchmark as it has all the right characteristics, including high volumes and the potential for spot trading, analysts say.

The ten companies partnering with the new ICE-operated crude oil futures exchange are ADNOC, BP, GS Caltex, INPEX, JXTG, PetroChina, PTT, Shell, TOTSA (Total), and Vitol, the exchange operator said in a statement.

ICE plans to launch ICE Futures Abu Dhabi and ICE Murban futures in the first half of 2020, subject to relevant regulatory approvals.

“Partnering with ADNOC and nine of the world’s largest physical traders of Murban crude to launch ICE Futures Abu Dhabi is a significant endorsement and strong signal of the potential for Murban to become a new global crude benchmark,” Jeffrey C. Sprecher, Chairman and CEO at Intercontinental Exchange, said. Related: The One Metric That Matters For Electric Cars

ADNOC and Abu Dhabi hope the new Murban oil futures contract will one day become a region-wide benchmark.

“Having a new, independent exchange in Abu Dhabi will not only benefit the UAE, but also physical and financial oil traders around the world,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

ADNOC’s Murban Crude—a light sweet crude—accounts for more than half of ADNOC’s daily oil production. ADNOC pumps some 1.7 million bpd of Murban crude out of its total production of around 3 million bpd. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News