

[ADNOC shifts offshore crude pricing to the Dubai benchmark, strengthening the UAE's position in Asian oil markets.]
The UAE is revamping its offshore crude pricing strategy as ADNOC shifts the Official Selling Price (OSP) formula for three major offshore grades from Murban futures to the Dubai benchmark. The move supports the country's post-OPEC expansion plans while making its crude more competitive for Asian buyers.
The pricing change applies to Upper Zakum, Das, and Umm Lulu, ADNOC's key offshore crude grades.
These grades will now be priced against the Dubai benchmark instead of Murban futures, while Murban keeps its existing pricing formula.
The revised OSP formula takes effect for prompt cargoes loading two months ahead.
Medium-sour offshore grades were previously linked to premium Murban prices. The Dubai benchmark better reflects their actual market value and improves price transparency.
The UAE can export crude through the Habshan-Fujairah pipeline, bypassing the Strait of Hormuz and providing more reliable deliveries than many regional competitors.
Since leaving OPEC on May 1, 2026, the UAE has gained flexibility to increase production. Output is projected to reach 5 million barrels per day by 2027, up about 730,000 bpd year-on-year.
Demand remains strong. Indian refiners have bought around 6 million barrels, Japan's Eneos secured 3 million barrels, while South Korea's SK Energy and GS Energy purchased a combined 8 million barrels. With more Gulf supply available, Asian refiners are also gaining stronger negotiating power on Dubai-linked cargoes.
The benchmark shift reflects the UAE's broader strategy to align pricing with Asian market conditions after its OPEC exit. By combining a more relevant pricing benchmark with higher production capacity and reliable export infrastructure, ADNOC is strengthening its competitive position in the global crude market.
Stay tuned for more updates on UAE oil pricing, ADNOC strategy, and global energy markets.

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