• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 2 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 14 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 hours Let’s take a Historical walk around the Rig
  • 2 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 38 mins Trump has changed into a World Leader
  • 1 day Might be Time for NG Producers to Find New Career
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 3 days Phase One trade deal, for China it is all about technology war
Alt Text

Expect A Strong Year For Oil Discoveries

Despite the kickback from the…

Alt Text

The Latest Texas Oil Boom Has Sent Emissions Soaring

The ongoing growth of fracking…

Alt Text

Oil Prices Head Lower Despite Small Crude Draw

Oil prices continued to trade…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play