ADNOC Rings New York Opening Bell to Celebrate Murban

The Abu Dhabi National Oil Company (ADNOC) and Intercontinental Exchange (ICE) today, officially celebrated the start of trading of the United Arab Emirate’s (UAE) flagship crude oil, Murban, as a Futures contract on the new ICE Futures Abu Dhabi (IFAD) commodities exchange.

By making Murban a freely traded crude, similar to Brent or WTI, customers have better price transparency, flexibilty to hedge and manage risks and increased access to Murban crude.

Live from Wall Street, New York, don’t miss the moment Murban Futures open on the New York Stock Exchange at 17:30 GST #MurbanAbuDhabi #IFAD

— ADNOC Group (@AdnocGroup) March 29, 2021

For ADNOC, its flagship crude grade becomes more available to a broader set of market particiants around the world.

Alongside ICE and ADNOC, nine of the world’s largest energy companies and traders are joining IFAD as founding partners. This includes BP, GS Caltex, INPEX, ENEOS, PetroChina, PTT, Shell, Total and Vitol. Representatives from the partner companies joined today’s launch event at ADGM, many participating virtually from around the world.

We're excited for H.E. Dr. Sultan, CEO of @AdnocGroup and Jeff Sprecher, @ICE_Markets Chairman and CEO to ring this morning's Opening Bell to mark the launch of ICE Futures Abu Dhabi ? pic.twitter.com/vZt78DrgtY

— NYSE ? (@NYSE) March 29, 2021

Earlier this month, ADNOC announced that its Murban, Upper Zakum, Das and Umm Lulu crude grades will all be sold destination free, from June, allowing its crude oils to become a freely-traded commodity.

Murban is ADNOC’s flagship crude grade, with production capacity of over 2 million barrels per day at present. It currently accounts for around 50 percent of the UAE’s total production capacity, with plans in place to increase the production of Murban to more than 2.5 million barrels per day by 2030, in line with ADNOC’s goal of growing its production capacity to 5 million barrels of crude per day.

Image Source: WAM

This article was previously published on UAE Moments.To see the original article, click here