UAE slashes Murban premium as Middle East barrels return

What changed in pricing

Abu Dhabi National Oil Co., better known as Adnoc, reduced the premium for December barrels of its flagship Murban. Traders with knowledge of the notice said the premium was set at $4 a barrel, more than a 60 percent drop, and it is expressed relative to the Dubai benchmark. The company trimmed official selling prices for its other key grades from November as well.

The supply backdrop

The Murban move was deeper than the reduction Saudi Aramco announced a week earlier. It lands as Middle East exports climb back to the rates seen before the Iran war, a shift supported by tanker shuttle runs that pass via the Strait of Hormuz as well as pipeline routes that skirt the chokepoint. Those returning flows are stacking on existing bearish forces, including indications that Washington and Tehran's protracted standoff is moving toward de-escalation.

Market shifts remind investors that thoughtful tools can make a real difference. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

Prices and the portfolio angle

In London on Tuesday, Brent futures dipped below $90 a barrel for the first time since August; the slide came after US President Donald Trump signaled he is seeking a diplomatic resolution, while Republicans' stinging midterm losses triggered calls to bring the war to a close. When Bloomberg News reached out, Adnoc did not provide a comment. In plain English, heavier supply and a potential diplomatic off-ramp pull in the same direction for prices, which can ripple through energy equities, fuel costs, and inflation expectations.

Learning to use smarter tools quietly changes how investors find opportunity. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.