Murban Crude: From Regional to Global Benchmark

In 2016, Murban crude oil joined the Dubai crude basket, a key Middle Eastern oil price benchmark, to address supply shortages and price volatility. This light sweet crude from Abu Dhabi, along with Al-Shaheen, increased the baskets grades from one to five, ensuring sufficient physical oil for market demand. Murbans importance grew, becoming one of the most frequently delivered grades in the Platts Dubai benchmark. Abu Dhabi launched its Murban futures contract in 2021, leading to record-breaking trading volumes in 2024. Murbans role evolved from regional to global, competing with U.S. oil in Asian refining centers due to increased demand and factors like Abu Dhabis national oil company diverting Murban to its domestic refinery and Western sanctions on Russian oil.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.