Crude Oil

January 12, 2024

Platts proposes to amend cargo sizes for West African crude assessments

In line with evolving trends in the region, and loading programs for 2024 cargoes, S&P Global Commodity Insights proposes to amend the cargo size on some of its West African crude assessments, effective April 2.

Platts proposes to amend the basis volume for the following assessments from April 2:

Country Grade Proposed assessment basis (barrels) Current Assessment basis (barrels)
Nigeria Agbami 1,000,000 975,000
Nigeria Bonga 1,000,000 975,000
Nigeria Usan 1,000,000 950,000
Angola Plutonio 1,000,000 950,000

Platts also proposes to amend min and max volumes for the following grades:

Country Grade Proposed minimum (barrels) Proposed maximum (barrels) Current min/max (barrels)
Nigeria Bonny Light 950,000 1,000,000 950,000/950,000
Nigeria Forcados 950,000 1,050,000 950,000/950,000
Nigeria Agbami 1,000,000 1,000,000 975,000/975,000
Nigeria Bonga 950,000 1,050,000 975,000/975,000
Nigeria Usan 1,000,000 1,000,000 950,000/950,000
Angola Plutonio 1,000,000 1,000,000 950,000/950,000

Platts welcomes feedback on the assessment basis, minimum and maximum volumes for all West African crude spot assessments published in Crude Oil Marketwire and on PGA/PCR pages 1230 and 1232, not just those listed in the tables above. Assessments not listed in the tables above currently have no proposed volume amendments.

Where the minimum and maximum volumes vary from the basis volume, Platts would publish bids, offers and trades for volumes within the range that are not the basis volume however these may be subject to normalization for assessment purposes.

Please send all comments to europe_crude@spglobal.com and pricegroup@spglobal.com by March 1.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts is part of S&P Global Commodity Insights.