Murban crude was discovered at the Murban Bab Oil Field in 1958. The well, called Murban-3, began producing 3,674 barrels per day of crude oil upon its completion in 1960. Today, Murban crude accounts for around half of ADNOC’s 4 million barrels per day of oil production capacity. It possesses an API gravity of 40 and a sulfur content of 0.778.
ADNOC is a key crude supplier to Asia; it is currently exporting from the UAE’s Fujairah and Jebel Dhanna ports to countries such as Japan, China, South Korea, Thailand, and India.
In November 2019, the Supreme Petroleum Council (SPC) announced that the Murban crude pricing would move from a retroactive official selling pricing mechanism to a market-driven and forward pricing model. The transparency of the pricing mechanism will deliver mutual benefits to both producers and refineries in the world. This move supports ADNOC’s transformation journey towards an even more modern and progressive energy company.
ICE Murban Futures will be a physically delivered contract with delivery at Fujairah in the United Arab Emirates on a free on board (FOB) basis. Murban Crude is a light sweet crude produced by ADNOC.
ADNOC’s Murban oil, named after the Murban oilfield off Abu Dhabi islands discovered in 1953, is a favored blend given the refining flexibility it offers to its global customers.