ADNOC says several Japanese firms are mulling using Murban futures to price their oil
Abu Dhabi National Oil Co, the UAE’s biggest energy producer, and ICE Futures Abu Dhabi have signed agreements with several Japanese end-users to explore pricing their oil against the Murban futures contract to be launched on March 29, the national oil producer said Jan. 14.
Cosmo Oil Co., a shareholder in Abu Dhabi Oil Co., and other unnamed Japanese end-users signed the agreements during a virtual meeting, ADNOC said in its statement.
Cosmo Oil couldn’t immediately be reached for comment on the matter.
The UAE is Japan’s second-largest crude supplier after Saudi Arabia and Tokyo has a number of stakes in Abu Dhabi’s oil assets.