ADNOC cuts Murban December selling price to four dollars over Dubai

Abu Dhabi National Oil Company set the December official selling price of its benchmark Murban crude at 4 dollars a barrel over Dubai quotes, down from 11 dollars in November, a cut of 7 dollars in one month.

Why it matters: A differential cut of that size, under the prompt month Dubai framework ADNOC adopted on November 1, signals Abu Dhabi competing on price for December loadings as Middle East supply rises and Brent trades below 90 dollars.

Data as of Reuters report of November 10, 2026, based on an ADNOC pricing document seen by Reuters; the figures are from that document as reported. Bloomberg reported the same price cut the same day; its full text is paywalled and no figure in this item rests on it. No ADNOC public release was read. Developing item.

Abu Dhabi National Oil Company has set the December official selling price of its benchmark Murban crude at 4 dollars a barrel against Dubai quotes, down from 11 dollars a barrel above Dubai in November, according to a pricing document seen by Reuters on Tuesday. The 7 dollar reduction is the price Abu Dhabi charges Asian refiners over the Dubai benchmark, and the December price is quoted under the prompt month Platts Dubai framework ADNOC adopted from November 1, replacing its Murban futures based method.

The cut lands in a softening market. Brent crude fell below 90 dollars a barrel on Tuesday for the first time since August, covered elsewhere in today’s edition, and Bloomberg reported that a jump in Middle East supply is stirring rivalry among the region’s exporters. A lower Murban differential defends Abu Dhabi’s market share into December loadings rather than holding the premium November buyers paid.

ADNOC cuts Murban December selling price to four dollars over Dubai

Sources