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.

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.
Source: Reuters