Abu Dhabi’s ADNOC Buys Its First Dubai Crude via Platts Pricing Process

Abu Dhabi’s national oil company ADNOC has made its first trades via the S&P Global Platts pricing process for Dubai crude oil, in a rare move for a Middle Eastern producer, traders told Reuters on Thursday. Dubai crude is a key benchmark for setting the price of oil in the Middle East and the pricing of the crude that most Middle Eastern exporters sell to Asia. It is unusual that a producer in the Middle East takes part in trades that underpin the price of the crude produced in its own region, according to the trading sources who spoke…