situation report

Jul 17, 2019 | 14:26 GMT

1 min read

UAE: ADNOC Mulls Regional Oil Price Benchmark

What Happened: The Abu Dhabi National Oil Company (ADNOC) is considering establishing a regional oil price benchmark to increase competitiveness over global benchmarks, such as Brent and WTI, Reuters reported July 16.

Why It Matters: The plan to launch a regional benchmark is part of a broader Emirati strategy to establish Abu Dhabi and Dubai as leading international financial centers and to increase ADNOC's role in trading and marketing crude oil and related products.

Background: The United Arab Emirates has been boosting oil storage facilities at its Fujairah port as part of its plan to establish Murban crude oil as a new benchmark.

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