SUBSCRIBER NOTE: Platts amends assessment methodology for four crude grades

Following an extended period of low liquidity for crude oil grades Suez Blend, Syrian Light and Syrian Heavy (also known as Souedie), Platts has amended the methodology behind these assessments, as well as that for Es Sider, to maintain their accuracy in the event of market liquidity failing to recover.

Platts previously stated for all four grades that in periods of spot market illiquidity the price assessments would be valued as a differential to the Mediterranean sour crude benchmark, Urals CIF Mediterranean, taking into account the quality difference between the crudes.

Given the differences in market dynamics and quality between the grades and Urals, Platts has amended this methodology to allow them to be assessed by comparison to other relevant crude oil grades, as well as to other important indicators such as refinery margins.

Platts has amended the methodology guide for each grade to read: "In periods of spot market illiquidity, the grade may be valued by comparison to other relevant crude oil grades, as well as to other important indicators such as refinery margins, and any relevant freight rates as published in Platts Dirty Tankerwire."

No other changes to the four assessments have taken place as a result.

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