November 12, 2019 / 1:13 PM / a month ago

ADNOC aims to make Murban a 'replacement' for Brent crude

ABU DHABI, Nov 12 (Reuters) - The Abu Dhabi National Oil Company aims to make its Murban futures contract a replacement for Brent, as the North Sea benchmark volumes are declining, the company’s head of trading, Philippe Khoury, told a conference on Tuesday in Abu Dhabi.

“We still have to demonstrate that over time the community can trust the crude as a benchmark,” he said, adding that Murban would be “giving the industry a replacement for Brent.” (Reporting by Rania El Gamal; writing by Maher Chmaytelli)

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