Chevron U.S.A., Occidental Unit To Explore Pricing US Crude Exports To Asia Using ICE Murban Futures

(RTTNews) - Intercontinental Exchange, Inc. (ICE) announced that ICE Futures Abu Dhabi or IFAD, and the Abu Dhabi National Oil Company have signed MOUs with Occidental Energy Marketing, Inc., a subsidiary of Occidental; Chevron U.S.A. Inc.; and Trafigura, under which each company has agreed to explore potential opportunities to price US crude exports to Asia off the ICE Murban Futures contract.

In November 2019, Intercontinental Exchange announced plans to launch IFAD, with the Abu Dhabi National Oil Company and nine of the world's largest energy traders partnering with ICE on the launch. Intercontinental Exchange plans to launch ICE Futures Abu Dhabi and trading in Murban futures contracts on March 29, 2021.