Letter from the Middle East: UAE unveils Murban benchmark
Pivot towards Asia paves the way for a new crude futures contract, offering an attractive alternative to long-established grades
The shifting tectonic plates of Mid-East Gulf oil do not move quickly, but the landscape changes when they do. And for some time, it has been inevitable that the transforming world market would have an impact on the core of the Gulf’s petroleum business—how its oil is priced and sold. The launch of Abu Dhabi’s Murban futures on 29 March could become such a change. Exchange Ice is partnering with Abu Dhabi NOC Adnoc and heavyweights of the global petroleum industry such as Shell, trader Vitol and Chinese state-owned Petrochina, to launch Ice Futures Abu Dhabi (Ifad), offering futures in Murban—Abu Dhabi’s flagship export grade, a light, sweetish crude (40.5 API and 0.79pc sulphur). Three key
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
