The Petroleum Products Trading Regulatory Committee in Abu Dhabi continues its efforts to enhance security and safety measures in the Emirate, ensuring that operators and stakeholders adhere to federal and local regulations and decisions.
In this regard, Dr Saif Saeed Al Qubaisi, Acting Director General of Regulatory Affairs at the Department of Energy, stated,” the Committee will launch a platform for consultation and communication with clients and companies operating in the petroleum products sector in the Emirate of Abu Dhabi to facilitate exchanging technical expertise and understanding of the needs of stakeholders. The DoE will develop the requirements, procedures, and working mechanism for this platform.

Al Qubaisi said, “The Committee aims to enable the entities involved in the trading of petroleum products in the Emirate of Abu Dhabi to effectively collaborate in implementing the regulatory framework for these activities in accordance with the relevant issued legislation.

This includes Federal Law No. (14) of 2017 and its executive regulations issued by the Cabinet Resolution No. (35) of 2019, in addition to Law No. (5) of 2023 concerning the regulation of these activities in the Emirate of Abu Dhabi.”

Dr Al Qubaisi added, “The Committee regulates these activities in Abu Dhabi according to best international practices. It studies all related issues and topics and submits its proposals to the Department of Energy (DoE), particularly concerning the assessment of activities involving the trading of these products, which include hydrocarbon gas and all petroleum derivatives except crude oil. The Committee also proposes programmes, initiatives, and projects related to the regulation of their trading those products.”

He continued, “In line with the Committee’s charter, four working groups have emerged under the supervision of the DoE’s technical sector. Each working group includes representatives from various member entities of the Committee. The tasks of each group are respectively focused on permits, inspection and enforcement, legislation and legal affairs, and data and information technology.”

Moreover, Dr. Al Qubaisi pointed out that the Committee studies and analyses periodic reports on the trading of these products and their performance indicators and provides appropriate recommendations. These reports include issued trading permits, compliance rates of public entities in this sector, violations, fines, and related necessary procedures to monitor the adherence of establishments and individuals to licences, permits, and related conditions and standards.

Dr Al Qubaisi emphasised that the regulations governing the trading of petroleum products cover a range of activities and processes, from the import of these products into the country or their manufacturing to their storage, packaging, transportation, marketing, distribution, offering for sale, selling, purchasing, or supplying them to others.

Murban crude trade up: Intercontinental Exchange on Sunday announced record trading activity in Murban crude during the second quarter of 2024. ICE Futures Abu Dhabi (IFAD) and ICE’s Murban futures market launched in Abu Dhabi in March 2021 with Adnoc and nine of the world’s largest energy traders as founding partners. Murban is the UAE’s flagship crude grade, supplied by Adnoc to meet global demand and is considered one of the lowest carbon emission crude oils in the world.

In the second quarter of 2024, ICE’s Murban futures market hit record traded volume with over 1.5 million contracts traded, equivalent to 1.5 billion barrels of Murban crude, up over 160% since the start of 2024.

Throughout June, 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, 2024.

In addition, Murban futures average daily volume through the month of June was a record 31,000 contracts, equivalent to 31 million barrels.

Since IFAD launched, 7.4 billion barrels of Murban crude oil have been traded and 267 million barrels of Murban have been delivered through IFAD. Over 160 participants have traded on IFAD to-date from across Asia, the United States, Europe, and the Middle East, including commercial and financial participants.

Murban is part of ICE’s global oil complex covering over 800 futures and options contracts, centred around Brent which is used to price over three quarters of the world’s internationally traded crude oil. ICE’s extensive global commodity markets, including benchmark oil and natural gas contracts, hit record trading activity in the second quarter of 2024 with over 305 million contracts traded, which highlights IFAD’s continued success.