Platts to update Med crude sweet/sour diff Apr 2

Following industry feedback, Platts will update the formula and inputs used in the calculation of its Mediterranean crude oil sweet/sour differential on April 2, 2012.

Platts will use the following formula: the mean of CPC Blend FOB CPC Terminal vs Med Dtd strip, BTC FOB Ceyhan vs BTC Dtd strip, Saharan Blend FOB Algeria vs Med Dtd strip and Es Sider FOB Es Sider vs Med Dtd strip minus Urals FOB Novorossiisk vs Med Dtd strip.

Currently, Platts calculates this difference as the mean of CPC CIF Augusta vs Med Dtd strip minus freight costs, Azeri Light CIF Augusta vs BTC Dtd strip minus freight costs and Saharan Blend FOB Algeria vs Med Dtd strip and deduct Urals FOB Novorossiisk vs Med Dtd strip.

This change was initially proposed on January 27, 2012. Please send any further comments to europe_crude@platts.com with a cc to pricegroup@platts.com.