ADNOC is proposing a new pricing method for crude sold to long-term customers that would set the monthly official selling prices (OSP) of Gulf grades Upper Zakum, Das and Umm Lulu as differentials to the Dubai benchmark, applying to cargoes loading two months forward. Currently those three grades’ OSPs are set as differentials to Murban futures traded on ICE Abu Dhabi; ADNOC said Murban’s pricing mechanism would not change. ADNOC’s marketing team has discussed the plan with refiners and traders

Fed Governor Cook said he welcomed the U.S. Supreme Court decision, which upheld a lower-court order and affirmed the need for due process and proper cause, and recognized that Federal Reserve independence is essential to achieving Congress’s mandates of price stability and full employment. Cook characterized the mortgage-fraud allegations as unrelated to documents he signed before joining the Fed and called the case a fabricated attempt to remove him for refusing to yield to political pressure and for making rate decisions based on what he judged best for the American people. He said he is relieved by the ruling and will continue to defend the Fed’s political independence while in office.

China's Ministry of Industry and Information Technology and seven other ministries issued implementation guidance setting 2030 targets to scale new infrastructure and deepen industrial-digital integration. Key targets: build 50,000 industrial 5G private networks; expand the scope of identifier-resolution service providers; develop about five integrated platforms with international influence; initially establish a comprehensive industrial data governance framework; achieve integrated applications across 207 mid-level industrial categories; cultivate tiered, differentiated 5G factories; and raise safety classification-and-grading coverage to 80% among industrial enterprises above designated size in key sectors.