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
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
