ADNOC considers new pricing mechanism after leaving OPEC

According to Bloomberg, ADNOC is discussing a proposal to index the monthly official selling prices of Upper Zakum, Das and Umm Lulu crude oils to Dubai crude instead of Murban futures. The change is seen as aligned with the UAE's plans to boost production and exports after leaving OPEC.

Scraper SystemJune 30, 2026, 10:19 PM

ADNOC considers new pricing mechanism after leaving OPEC

According to Bloomberg News, Abu Dhabi National Oil Company (ADNOC) is considering changing the pricing mechanism for some offshore crude oils it sells under long-term contracts. The move could bring the prices of Abu Dhabi crude oils closer to regional trading benchmarks in the Gulf and Asia and support the United Arab Emirates' (UAE) plans to increase oil production and exports after leaving OPEC and the OPEC+ group last May.

Sources familiar with the matter told the agency that ADNOC's crude oil marketing team has discussed the proposal with refineries and oil trading companies, most recently traveling to Singapore to explain the proposed changes and then moving on to Japan for similar talks with Asian customers.

Shift to Dubai crude pricing

Under the proposal, the monthly official selling prices for Upper Zakum, Das and Umm Lulu crude oils would be set based on a price differential against the Dubai crude benchmark for cargoes loading two months later. The current system indexes these crude oils to Murban crude oil futures contracts traded on the ICE Futures platform in Abu Dhabi.

Bloomberg's report said the proposal does not include a change in the pricing mechanism for Murban, Abu Dhabi's main crude oil. Sources said ADNOC has not set a timeline for review or implementation, and the company declined to comment on the matter.

New era after leaving OPEC

The review of the pricing mechanism comes after the UAE announced on April 28 that it would leave OPEC and the OPEC+ alliance as of May 1, 2026. The UAE's official news agency reported that the decision reflects a long-term economic and strategic vision, includes the transformation of the energy portfolio and acceleration of investment in local energy production, and enhances the UAE's ability to respond to market needs.

According to data from the U.S. Energy Information Administration, the UAE had the third-largest crude oil production capacity within OPEC in 2025, after Saudi Arabia and Iraq. Its average production was 3.4 million barrels per day, while its actual production capacity was estimated at 4.2 million barrels per day.

If the UAE leaves OPEC, the organization's share of global crude oil production is calculated to fall from 35 percent in 2025 to 31 percent.

Major production capacity target

As part of its responsible growth strategy, ADNOC aims to increase its low-carbon-intensity hydrocarbon production capacity to 5 million barrels per day by 2027. The company says the carbon intensity of its main crude oil, Murban, is less than half the global industry average.

According to International Energy Agency (IEA) data cited by Reuters, the UAE is expected to become one of the driving forces of non-group supply growth after leaving OPEC+. The IEA forecasts that the UAE's total oil production will exceed 5 million barrels per day in 2027, reaching 5.2 million barrels per day, an annual increase of 730,000 barrels per day.

The same data shows that the UAE's oil exports rose by 260,000 barrels per day in May compared to the previous month, reaching 3.1 million barrels per day, while crude oil production increased to 2.8 million barrels per day but remained 835,000 barrels per day below pre-war levels.

ADNOC considers new pricing mechanism after leaving OPEC