"With the blessing of UAE President HH Sheikh Khalifa, the Supreme Petroleum Council announced major increases in #AbuDhabi oil & gas reserves," Mohamed bin Zayed tweeted.
He stressed that the council made a "historic decision" to list ADNOC Murban crude oil on an exchange, adding that the move would strengthen "Abu Dhabi’s position as a global energy player."
With the blessing of UAE President, the Supreme Petroleum Council announced major increases in #AbuDhabi oil & gas reserves & made an historic decision to list on #ADNOC Murban crude oil on an exchange, strengthening Abu Dhabi’s position as a global energy player pic.twitter.com/R6HqIMgtyQ— محمد بن زايد (@MohamedBinZayed) 4 ноября 2019 г.
ADNOC group hailed the decision in a statement on Twitter.
"The Supreme Petroleum Council (SPC) takes historic and strategic decision to list ADNOC’s Murban crude as a futures contract on an internationally recognized exchange, unlocking greater value for its customers, ADNOC and the UAE," the company said.
Abu Dhabi National Oil Company said in early September that it retrospectively set the official selling price of its benchmark crude – Murban crude – for the month at $65.20 per barrel, by comparison with $62.30 for the previous month.
The Supreme Petroleum Council is the highest authority of oil and gas fields in the Emirate of Abu Dhabi, which is responsible for setting the Emirate’s petroleum policy and objectives.