Abu Dhabi Wants to Change How a Fifth of Global Oil Is Priced
Cracking towers stand at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co. (ADNOC), in Al Ruwais, United Arab Emirates. (Photographer: Christophe Viseux/Bloomberg)

Abu Dhabi Wants to Change How a Fifth of Global Oil Is Priced

(Bloomberg) -- The Middle East produces a fifth of the world’s oil, but the region’s never had a benchmark price that competes with London’s Brent or New York’s WTI. That could be about to change.
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