Abu Dhabi Plans Futures Trading for Its Main Oil Grade
- Oil producer to start Murban crude futures contract next year
- U.A.E. boosts oil and gas reserves on new wells and fields
Cracking towers stand at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co. in Al Ruwais.
Photographer: Christophe Viseux/BloombergThis article is for subscribers only.
Abu Dhabi will begin trading futures contracts of its flagship oil grade in what could eventually become a new price benchmark for a fifth of the world’s crude.
Trading in Murban crude futures aims at “strengthening Abu Dhabi’s position as a global energy player,” Crown Prince Mohammed Bin Zayed Al Nahyan said Monday in a Tweet. Government-owned Abu Dhabi National Oil Co. also reported a 7% increase in its oil reserves, expanding the size of commercial deposits in the United Arab Emirates to 105 billion barrels.