Adnoc rings NYSE bell to mark Murban crude futures trading

In a major achievement, Abu Dhabi on Monday started trading Murban, the UAE’s flagship crude oil, as a Futures contract on the new ICE Futures Abu Dhabi (IFAD) commodities exchange.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, attended the official launch of trading for Adnoc’s Murban crude oil in Abu Dhabi Global Market.

By evening, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Adnoc Managing Director and Group CEO, and Jeffrey Sprecher, Chairman, Intercontinental Exchange (ICE), rang the opening bell at the New York Stock Exchange to mark the occasion virtually.

“This achievement is testament to the vision and foresight of our wise leadership, who have supported this progressive step that makes Murban crude a freely traded commodity more widely available to buyers and traders around the world,” Dr Al Jaber said.

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

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

Sprecher added: “It’s our belief that from the very first day that Murban Futures trade from ICE Futures Abu Dhabi, it will become a globally recognised futures contract.”

—ashwani@khaleejtimes.com