In 2016, Abu Dhabi introduced Murban crude into the Dubai basket to address supply issues and volatility. It’s a light sweet crude with 0.78% sulfur and an API gravity of 39.9. The Dubai crude basket is a benchmark for Middle Eastern pricing and includes Dubai, Oman, Upper Zakum, Al Shaheen, and Murban. The total production of these grades is over 3.5 million b/d, with 2.4 million b/d available for trade. Murban has become a leading grade in the Dubai benchmark and is traded on ICE Futures Abu Dhabi. The pricing relationship between Murban and WTI is narrowing due to rising demand for Middle Eastern crudes.

S&P Global Commodity Insights is proposing changes to how Murban crude is priced in the Dubai benchmark, effective January 2, 2026. The changes include assessing Murban without a floor price relative to the Dubai benchmark and adjusting the quality premium calculation against other grades in the Dubai basket. Middle East OSP formulas vary by country, with methods including exchange-traded futures, hybrid formulas, and PRA-based pricing. Saudi Aramco and Qatar use different formulas, while Iraq relies on assessments from PRAs like Platts and Argus Media.

Read more at Yahoo Finance: Murban’s Growing Market Depth Puts It Head-to-Head With WTI in Asia