ADNOC is proposing a new pricing method for crude sold to long-term customers
that would set the monthly official selling prices (OSP) of Gulf grades Upper
Zakum, Das and Umm Lulu as differentials to the Dubai benchmark, applying to
cargoes loading two months forward. Currently those three grades’ OSPs are set
as differentials to Murban futures traded on ICE Abu Dhabi; ADNOC said Murban’s
pricing mechanism would not change. ADNOC’s marketing team has discussed the
plan with refiners and traders in Singapore and Japan; no timeline for review or
implementation has been announced.
