ADNOC could be planning to launch a regional oil benchmark, Reuters reported, citing four anonymous sources.
The plan has reportedly not been finalised or approved by the emirate's Supreme Petroleum Council. Reuters quotes one of its anonymous sources as saying that "ADNOC hopes the benchmark will allow it to earn more money and gain bigger prestige in the region," as part of the wider drive by Sheikh Mohammed bin Zayed to transform the nation into a leader in the region.
ADNOC has made a concerted push to boost its downstream portfolio, and to grow its trading operations. This comes as national oil companies, including Saudi Aramco, seek to grow past their country borders and take on new markets across the oil and gas value chain, with an emphasis on downstream.
International markers like Brent and WTI provide the industry a benchmark on market conditions.