SUBSCRIBER NOTE: Platts proposes to update USGC Basrah Light specifications

Following changes in qualities observed in Iraqi Basrah Light crude arriving in the US Gulf Coast, Platts proposes to update the specifications of this crude in its assessment process.

In June 2015 Iraq started exporting a new Basrah Heavy crude grade alongside Basrah Light as part of an effort to improve and stabilize the quality of Basrah Light, which had been getting heavier in recent years.

The average gravity of Basrah Light in 2015 was 28.56 API degrees, with quality increasing from 27.52 API degrees in June to 30.29 API at the end of 2015.

Currently, Platts assessments reflect a Basrah Light crude barrel with an API gravity of 31-35.5 and sulfur content of 2%.

Platts proposes to update the quality specifications to the typical specifications as delivered to term lifters by Iraq's State Organization for Marketing of Oil (SOMO). Based on Energy Information Administration data showing the quality of all the Iraqi crude imports into the US, the new specifications for the assessment would reflect a typical Basrah Light barrel with an API gravity of 29.5 degrees and a maximum sulfur content of 3%.

The new specifications would be effective April 1, 2016.

Please send questions or comments by March 4, 2016 to americas_crude@platts.com, with a cc to pricegroup@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.