Following extensive feedback and market engagement, Platts intends to move ahead with the proposed inclusion of Al Shaheen and Murban in its Dubai and Oman crude oil benchmarks, and will continue to review the potential inclusion of a Quality Premium for Murban.
Platts has widely engaged on these proposals with stakeholders representing a full range of market and industry participants in Asia, the Middle East and Europe.
Platts has received broad support for the proposed addition of the two crudes following the launch of a formal consultation opened by Platts around the proposal on September 3. There has been strong support for adding these alternative delivery crudes promptly, to ensure significant volumes of crude for delivery continue to underpin the Dubai and Oman benchmarks through 2016 and beyond.
Accordingly, Platts intends to reflect bids and offers for Dubai and Oman reflecting these new standards effective January 4, 2016, the first publishing day of the year. As a result, these standards will take effect for cargoes loading from March 2016, the prompt traded spot month in January 2016. January and February partials and cargoes will continue to be assessed under prevailing standards. The full September consultation can be reviewed here.
Read the subscriber note for the full methodology updates.
Data Sources: Platts