ADNOC is changing the pricing formula used for its flagship crude grades. The company says the change aligns pricing more closely with the actual month crude loads, replacing a system that had set prices two months out since the IFAD Murban contract launched in 2021. That launch made Murban the first Middle East crude grade with its own tradeable futures contract, and ADNOC spent years building it as a regional alternative to Brent and WTI. The move follows a narrower proposal reported by MEES earlier this month, which had ADNOC's offshore grades shifting to Dubai while Murban stayed on futures pricing. ADNOC said the change won't materially affect any of its listed instruments, including bonds issued under the ADNOC Murban GMTN and Sukuk programs, and that it will keep meeting delivery obligations across its onshore and offshore grades.