State-owned Abu Dhabi National Oil Co (Adnoc) has chosen the Intercontinental Exchange (ICE) to launch a regional oil benchmark based on its Murban crude grade by next year, three sources familiar with the matter said.

The move is part of a broader transformation strategy by Adnoc as it seeks to emulate the success of rival oil majors and bolster its regional influence.

Two sources said Adnoc may launch a new Murban futures contract as early as February 2020.

"Adnoc has taken its decision. It chose ICE and plans to start trading Murban in February next year," one of the sources said.

Reuters reported in July that Adnoc was in talks over the Murban benchmark plan with a number of exchanges, including ICE and the Chicago Mercantile Exchange (CME), as part of the company’s plans to overhaul its trading operations.

The Murban contract will create an alternative benchmark to the most commonly used Middle East standard, the Dubai/Oman benchmark operated by the Dubai Mercantile Exchange and traded on CME’s electronic platform.

The UAE is the third-largest oil producer in the Organization of the Petroleum Exporting Countries.