Oil-Rich Abu Dhabi to Start Trading Crude Futures From March
- ICE, Abu Dhabi, trading partners plan exchange start March 29
- Abu Dhabi wants Murban futures to serve as regional benchmark
Abu Dhabi is the capital of and holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC.
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Oil-rich Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbors, letting investors trade its crude using futures contracts for the first time.
The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals, Intercontinental Exchange Inc. said in a statement Monday. The Atlanta-based operator of trading and clearing platforms is setting up the exchange with government producer Abu Dhabi National Oil Co. and other oil suppliers.