Oil
Africa on the Balance Sheet: What ADNOC's Benchmark Shift and Abu Dhabi's Southern Push Signal
Traders wind down positions on the old UAE exchange contract while Abu Dhabi's African footprint keeps expanding. Two stories, one balance sheet.
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Karim Al-Rashidi
· 3 min read
Closing screens tonight in the Gulf tell you nothing you did not already know: dirham at 3.6725, riyal at 3.7500, both pegs where they always are. If you came for volatility in the FX print, come back another decade.
The interesting session was not in the currency crosses but in the plumbing of the Emirati barrel. Reports today indicate oil traders are actively winding down positions on the UAE exchange in the wake of ADNOC's benchmark change — the mechanical consequence of moving the reference…
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