Abu Dhabi - Mubasher: Intercontinental Exchange (ICE) launched on Monday the ICE Futures Abu Dhabi (IFAD) and the trading of the new ICE Murban Crude Oil Futures Contract, with the Abu Dhabi National Oil Company (ADNOC) and nine of the world's largest energy traders, according to the Emirates News Agency (WAM).

The prices of Murban Crude Oil Futures will be determined based on Dubai Crude Oil Price Assessment, Platts.

Murban futures will become an alternative benchmark to the standard Dubai/Oman benchmarks operated by S&P Global Platts and the Dubai Mercantile Exchange (DME).

The first Murban futures contract will be physically delivered two months ahead, with the first contract for June delivery to expire at the end of April.

It is noteworthy to mention that on 3 March 2021, ADNOC announced that the company will remove all destination restrictions on its Murban, Upper Zakum, Das, and Umm Lulu crude grades, starting from the first traded contract month of the new ICE Murban Crude Oil Futures Contract.