Skip to content Skip to Search
Skip navigation

UAE’s Murban crude futures trade at record high

Tugboats at work with an oil tanker in Fujairah, from which Adnoc's Murban crude is delivered Alamy via Reuters
Tugboats at work with an oil tanker in Fujairah, from which Adnoc's Murban crude is delivered
  • Murban futures volumes up 160%
  • Adnoc increasing production
  • Murban has lower emissions

Murban crude, the UAE’s flagship oil grade, has reported a record jump in trading activity in the second quarter of this year, according to operator the Intercontinental Exchange (ICE).

Murban, the premium-grade light, sweet crude, is extracted from the onshore concessions of Abu Dhabi state oil company Adnoc and represents more than half of the UAE’s total oil production, or about 2 million barrels per day (bpd). 

ICE Murban Futures are physically delivered contracts. That is, one futures contract equates to 1,000 barrels of Murban crude oil delivered from the Adnoc Terminal in Fujairah, on a specific date for a specific price – regardless of the price on the settlement date.

The ICE Murban Futures market reached volumes of 1.5 million contracts, equivalent to 1.5 billion barrels of crude, between April and June this year, up by more than 160 percent since the beginning of 2024.

Murban is touted as one of the lowest carbon-emission crude oils in the world. Its carbon intensity amounts to 7kg of CO2 equivalent per barrel of oil equivalent, which is less than half the global average, according to Adnoc.

Adnoc plans to increase the production of Murban to more than 2.5 million bpd by 2030, in line with its goal to grow production capacity to 5 million barrels of crude per day. 

Murban exports averaged 1.636 million bpd in April after an eight-year high of 1.644 million bpd in February, according to S&P Global Commodities at Sea data.

Murban futures trading was launched in March 2021 on ICE Futures Abu Dhabi (IFAD) at Abu Dhabi Global Market, part of Adnoc’s plan to increase Murban’s liquidity. 

Murban is part of ICE’s global oil complex covering more than 800 futures and options contracts, centred on Brent, which is used to price more than three-quarters of the world’s internationally traded crude oil.

Since the launch of Abu Dhabi’s exchange, about 7.4 billion barrels of Murban crude oil have been traded, and 267 million barrels of Murban have been delivered through it.

IFAD is backed by Adnoc and nine oil companies: BP, GS Caltex, Inpex, JXTG, PetroChina, PTT, Shell, TotalEnergies and Vitol. To date, more than 160 participants from across Asia, the US, Europe and the Middle East have traded on IFAD.

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]


Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to the American credit rating agency S&P in a new report. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standard 62 guidelines as they have been presented could disrupt the market,” […]

Videos released last month show construction of the Royal Arts Complex at King Salman Park is well underway

Full steam ahead on ‘largest urban park in the world’

Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year.  King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […]