November 12, 2019 / 4:17 PM / 25 days ago

ADNOC wants Murban as a price marker alongside Brent crude, not a replacement

ABU DHABI, Nov 12 (Reuters) - Abu Dhabi National Oil Company’s head of trading said on Tuesday that ADNOC wanted to make its Murban futures contract a price marker alongside Brent futures, retracting an earlier comment to a conference saying the firm wanted Murban to replace Brent.

“Our ambition is for the market to use Murban as a price marker alongside Brent crude futures, the global benchmark for oil,” Philippe Khoury, the head of trading, said in his revised statement.

He had earlier told the conference in Abu Dhabi: “We want to give the industry Murban as a replacement for Brent crude futures.”

Reporting by Rania El Gamal; Editing by Edmund Blair

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