SINGAPORE: Abu Dhabi National Oil Company has conducted its first trades using S&P Global Platts’ pricing process for Middle East benchmark Dubai crude oil, traders said on Thursday.
ADNOC bought two partials from BP and Trafigura at $70.25 a barrel, traders said, out of the 42 partials traded during the Platts Market on Close process. Each partial is 25,000 barrels.
It is rare for a Middle East oil producer to participate in trades that help set prices for crude produced in its own region, the traders said.
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The Middle East exported 17 million barrels per day of crude last year, accounting for 42% of total global shipments, according to Kpler data.
ADNOC and S&P did not immediately respond to Reuters’ requests for comments.
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