Abu Dhabi first from Opec to allow its oil to be sold freely anywhere in the world
National company keen to create a new benchmark in the global energy market with its Murban grade
29 March 2021 - 16:58
Abu Dhabi started trading futures contracts for Murban crude, its biggest oil grade, in a bid to create a benchmark for the energy market.
The aim is “to make sure that Murban is a globally freely traded commodity and allows everybody around the world to use it either for pricing or hedging their risk”, Khaled Salmeen, executive director of supply and trading at government-run Abu Dhabi National Oil Co (Adnoc), said in an interview with Bloomberg Television. “It provides an additional tool that the market has been looking for.”..
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