Abu Dhabi is overhauling its oil sales strategy, abandoning its ambition to create a global crude benchmark for its flagship Murban grade. Instead, the emirate’s national oil company, Adnoc, will revert to a system of quotas with prices linked to benchmarks assessed in Dubai.

Five years ago, Abu Dhabi launched ICE Futures Abu Dhabi to price Murban through a futures contract, aiming to rival established benchmarks like Brent. However, the recent Iran war exposed timing issues with the Murban futures contract, leading to volatility and complaints from buyers. This, coupled with a "regular commercial review," prompted Adnoc's decision.

Market participants believe this move spells the end for the Abu Dhabi exchange. Ben Jackson, president of Intercontinental Exchange, noted a shift towards the more liquid Dubai contract, suggesting a consolidation of liquidity into a single regional marker.