The futures market of Murban, the UAE's flagship oil grade, reached record trading volumes of 1.5 million contracts in the second quarter of this year, according to the Intercontinental Exchange, also known as Ice.
The volumes traded were equivalent to 1.5 billion barrels of Murban crude, up more than 160 per cent since the start of the year, state news agency Wam reported on Sunday.
About 7.4 billion barrels of Murban crude oil have been traded since the launch of Ice Futures Abu Dhabi (Ifad), on which the contracts trade, and 267 million barrels of Murban have been delivered through the exchange, the report said.
Murban, supplied by Adnoc, is considered one of the lowest carbon-emission crude oils in the world.
It is a premium-grade, light, sweet crude that is popular among Asian buyers, who increasingly dominate the global trade in oil.
Murban exports averaged 1.636 million barrels per day in April after an eight-year high of 1.644 million bpd in February, according to S&P Global Commodities at Sea data.
In April, Adnoc forecast Murban crude volume available for export in April 2025 would be 1.65 million bpd.
The UAE has the capacity to produce 2 million bpd of Murban.
Fujairah port on the UAE's east coast accounts for about 75 per cent of Murban exports, with the rest shipped out from Ruwais port, according to S&P Global.
The Murban futures contract made a debut on the Ifad in March 2021 as the UAE's capital set its sights on becoming a commodities hub.
IFAD, at Abu Dhabi Global Market, is an independent futures exchange for the trade of Murban futures contract derivatives.
Murban crude futures launch - in pictures
The introduction of the Murban futures contract was backed by Adnoc, Ice and nine energy companies – BP, GS Caltex, Impex, Eneos, PetroChina, PTT, Shell, TotalEnergies and Vitol.
The Murban futures contract allows oil from Abu Dhabi to become a freely traded global commodity, filling a void in the trading and pricing of crude from the Middle East.
Contracts traded at the Abu Dhabi exchange are cleared at Ice Clear Europe alongside global benchmarks such as Brent, West Texas Intermediate, Ice Platts Dubai and Ice Low Sulphur Gasoil.
The futures are open for trade 24 hours a day on Mondays and 22 hours a day from Tuesdays to Fridays.
Investors from jurisdictions including the ADGM, the US, Singapore, the UK, Switzerland, the Netherlands, France, Norway, Australia, Japan and South Korea are able to trade on the exchange.
Throughout last month, Murban futures hit a series of record volume trading days, including a record high day of 57,300 contracts traded, equivalent to 57.3 million barrels on June 10, Wam reported.
The average daily volume of Murban futures in June was a record 31,000 contracts, equivalent to 31 million barrels, a statement from Ice said.
Ice’s global commodity markets, including benchmark oil and natural gas contracts, also hit record trading activity in the second quarter of this year with more than 305 million contracts traded, it said.
Ifad is supported by several of Adnoc's trading and upstream partners.
More than 160 participants have traded on Ifad to date from across Asia, the US, Europe and the Middle East, including commercial and financial participants, Ice said.
Murban is part of Ice’s global oil complex covering more than 800 futures and options contracts, centred around Brent which is used to price more than three quarters of the world’s internationally traded crude oil.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
The Lost Letters of William Woolf
Helen Cullen, Graydon House
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
