Japanese firms are considering using Adnoc’s Murban futures contract to price crude oil in a boost to the soon-to-be launched contract. The contract will begin trading on the ICE Futures Abu Dhabi (IFAD) exchange on 29 March.
In virtual meetings between Adnoc CEO Sultan al-Jaber and a range of Japanese firms this week, Adnoc and IFAD “signed agreements with Cosmo Oil Co. Ltd. and other Japanese end-users to explore the potential opportunity to price crude oil with reference to the new ICE Murban Crude Oil Futures.” The deals after three key exporters of US crude – Occidental, Chevron and Trafigura – in November signed MoUs to explore pricing crude exports to Asia off the contract (MEES, 13 November 2020). (CONTINUED - 207 WORDS)