ADNOC Weighs Pricing Shift For Three Offshore Crude Grades, Sources Say

ADNOC is considering changes to the pricing mechanism for three offshore crude grades, a move that could affect how buyers value Abu Dhabi barrels in spot and term markets. Reuters reported, citing three sources familiar with the matter, that the change under consideration would apply to Upper Zakum, Das and Umm Lulu crude grades. The sources said the grades could be priced at differentials to Dubai crude quotes rather than through the current Murban futures-linked structure for certain cargoes. ADNOC declined to comment to Reuters, so the development should be treated as a market-sourced report rather than a confirmed company policy change. Pricing mechanisms matter because crude buyers, refiners and traders use benchmarks to manage exposure, compare cargo economics and hedge risk. A shift toward Dubai quotes for selected grades could align those barrels more closely with widely used Middle East crude pricing references. Reuters also reported that ADNOC had already sold cargoes of the three grades through tenders linked to Dubai differentials. Its flagship Murban crude is expected to continue being priced using the monthly average of the Murban futures contract traded on ICE Futures Abu Dhabi, according to the same report. For Abu Dhabi, crude pricing strategy is part of a wider push to increase market flexibility, deepen trading activity and support its role in regional energy markets. For buyers in Asia and beyond, any confirmed change would affect comparisons between…