Abu Dhabi’s Adnoc has stepped back from its effort to turn Murban into a global oil benchmark, according to the report. The company is returning to pricing its crude against the Dubai benchmark, marking a significant change in how one of the region’s key producers values its oil.
The move suggests that Murban futures did not deliver the role Abu Dhabi had hoped for in international crude pricing. The report says problems linked to the Iran war exposed weaknesses in the Murban futures structure, undermining confidence in the contract as a broader pricing reference.
By shifting back to the Dubai benchmark, Adnoc is opting for a more established regional marker. That decision points to the continued importance of traditional Gulf pricing systems at a time when geopolitical shocks can quickly test newer market mechanisms.
The change also highlights how difficult it is to build a new global oil benchmark, even for a major producer. For now, Adnoc’s return to Dubai pricing signals that stability and market acceptance remain more important than launching a new reference price.
