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- ADNOC confirms removal of destination restrictions on Murban from June 2021
- ADNOC Onshore launches monthly forward availability forecast report for Murban export volumes
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced an update on Murban Crude Oil Futures ahead of their launch on March 29, 2021, subject to regulatory approval.
As previously announced, the first Murban futures contract month at launch will be the June contract, which expires at the end of April for physical delivery in June. Today ADNOC announced that it plans to remove destination restrictions from Murban, as well as its Upper Zakum, Das and Umm Lulu crude grades, from June 2021, aligned with the first expiry of the futures contract.
To provide the market with visibility of expected Murban Export availability volumes, ADNOC Onshore has launched a monthly report with a 12-month rolling forecast of Murban export availability, which can be viewed here. By 2030, ADNOC expects Murban crude to contribute almost 50% of ADNOC’s 5 million barrels of oil per day production capacity target.
“Today’s announcement from ADNOC marks an important moment, providing significant new transparency and flexibility for Murban Crude, and which means trading and hedging Murban futures can appeal to an even broader audience of market participants around the world,” said Jamal Oulhadj, President of ICE Futures Abu Dhabi.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from associated margin offsets.
