UAE Revises Oil Pricing from November 1, 2026

The UAE's state oil company (ADNOC) has announced a revision of its pricing mechanism for crude oil grades. Starting from November 1, 2026, the price of all ADNOC oil will be determined based on the regional benchmark Platts Dubai, abandoning the ICE Futures Abu Dhabi contract introduced in 2021. It was expected that the change would only affect marine grades; however, the decision has encompassed all production volumes. The new pricing mechanism aims to enhance price transparency for customers and investors. In response, the ICE exchange has suspended trading of futures contracts for the Murban grade. The shift to Platts Dubai reflects the UAE's desire to minimize price risks for buyers amid instability in the global energy market. It is worth noting that the UAE left OPEC on May 1, altering the balance of power within the alliance. In March, daily oil production in the UAE was reduced by more than 50% due to the conflict with Iran and the blockade of the Strait of Hormuz.

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