Platts launches Basrah Medium CFR North Asia assessment

S&P Global Platts has launched daily assessments for Iraq's Basrah Medium crude on a CFR North Asia basis from Jan. 3, 2022.

The new assessment reflects the value of Basrah Medium crude delivered into North Asia at 16:30 hours Singapore time, including freight to ship barrels on a VLCC from the Middle East to Far East. The assessment is published in addition to Platts existing assessments for Basrah Medium crude on a FOB basis.

For the freight calculation a conversion factor of 7.13 b/mt is used, in line with API standards set by Iraq's state marketer SOMO for Basrah Medium. The grade quality and conversion factors will be reviewed periodically.

Platts first announced the planned launch of CFR North Asia Basrah Medium assessments in a subscriber note published Nov. 9: http://plts.co/x2iT30s0YoR.

Platts already publishes daily assessments for Oman, Dubai, Murban, Upper Zakum, Qatar Marine, ESPO, LOOP Sour, WTI MEH, Forties and Dalia on a CFR North Asia basis.

Platts discontinued publication of daily Basrah Light CFR North Asia assessments from Nov. 1, 2021: http://plts.co/PlLA30s0YoX.

The new Basrah Medium CFR North Asia assessment helps market participants better analyze the competitiveness of crudes flows that increasingly feed the demand of buyers, particularly in high growth demand centers in North Asia.

The Basrah assessment is published on Platts Global Alert pages 2202 and 2203, in Platts Crude Oil Marketwire and Platts Oilgram Price Report.

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