The Abu Dhabi National Oil Company (ADNOC) and Intercontinental Exchange (ICE) announced the update of the Murban Crude Oil futures.
Iraq’s Oil Marketing Company (SOMO) has introduced a new look pricing mechanism used to compensate buyers for fluctuations in the density of its crude exports, which will commence with shipments in 2021.
Abu Dhabi’s Supreme Petroleum Council (SPC) approved the launch of a new pricing mechanism for the Abu Dhabi National Oil Company's (ADNOC) onshore crude oil and Murban. Furthermore, it announced an increase in oil and natural gas reserves, as well as new discoveries in Abu Dhabi.
The Egyptian cabinet has announced that the country will purchase insurance contracts from international financial institutions to hedge against fluctuating global oil prices.
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