ADNOC OSPs (Sep):

• Murban crude USD 79.07/bbl.

Official selling prices from national oil companies are the standing reference against which term barrels to Asia are contracted, so the monthly ADNOC set functions as a read on how the Gulf producer sees the balance between its light sour Murban and competing grades, rather than as a spot price discovery event. The market treatment is comparative: what matters is the differential versus the prior month and versus the established benchmarks, since a producer raising OSPs into a flat forward curve has historically signaled confidence in demand, while cuts have tended to precede or accompany a defence of market share against Atlantic Basin barrels. Murban now trades on its own futures contract, which gives an observable anchor for how the OSP sits against the physical market, and the usual tell is whether the term differential widens or narrows relative to that. The peer set here is the other Gulf NOCs, whose monthly pricing rounds typically follow within days and have tended to move in loose sympathy, making the relative stance across producers the follow-on worth watching. The split that matters is between a routine monthly adjustment tracking the benchmark and a deliberate deviation from it, the latter carrying the signal.