Definition

Brent Crude is a major trading classification and pricing benchmark for crude oil sourced from the North Sea. It serves as one of the primary global benchmarks for oil pricing, alongside West Texas Intermediate (WTI) and Dubai/Oman crude. Brent is used to price approximately two-thirds of the world’s internationally traded crude oil supplies.

UAE Context

While the UAE’s primary crude grade is Murban, Brent Crude serves as an important reference price for the broader global oil market in which the UAE operates. ADNOC launched the Intercontinental Exchange (ICE) Murban Futures Contract in 2021 to establish Murban as an independent benchmark, reducing reliance on Brent and Dubai/Oman pricing. However, Brent remains the dominant reference for international oil contracts and is closely tracked by UAE policymakers for fiscal planning and revenue projections.

Vision 2031 Relevance

Oil price volatility, often measured through Brent fluctuations, directly impacts the UAE’s fiscal position and the pace of Vision 2031 implementation. Higher Brent prices generate surplus revenue that can be channelled into transformation programmes, while lower prices accelerate the urgency of economic diversification under the Forward Economy pillar.

Related Terms

• Murban Crude — UAE benchmark crude
• ADNOC — Abu Dhabi National Oil Company
• OPEC — Production coordination organisation