Landmarks across Abu Dhabi emirate lit up in blue on Monday to celebrate the launch of Murban crude futures, which started trading yesterday.
Murban, which is classified as a light, sweet type of crude, is very lucrative and highly favoured in Asian markets for its properties.
The UAE, which accounts for 4.2 per cent of global oil supply, fills a gap in the pricing and trade of crude with the launch of Murban crude futures.
The Middle East region produces the bulk of global oil, however, much of the trade in the commodity is priced on the basis of Brent.
The international benchmark, under which two-thirds of all oil is traded, is priced on the basis of production from the North Sea, which is in decline.
Murban fills a void in oil trading and pricing in the Middle East, which is the biggest supplier of crude to global energy markets.
The trading of a new benchmark based on a single, high-quality Middle East crude will offer more "transparency" to global oil markets, particularly to customers in Asia, chief executives of international energy companies said on Monday.
The crude grade's international role is supported by Abu Dhabi National Oil Company's recent removal of destination clauses in its trade.
Adnoc's other crude grades, Upper Zakum, Das and Umm Lulu, will be priced at a differential to Murban.
