Platts to amend Abu Dhabi crude OSPs publication

S&P Global Platts will update its publication of Abu Dhabi's official selling prices or OSPs effective May 1, 2021 in line with changes planned by Abu Dhabi National Oil Co.

Platts understands ADNOC will set the OSP for its flagship Murban crude on the basis of the Murban futures contract on ICE Futures Abu Dhabi for cargoes loading from June onwards. OSPs for Upper Zakum, Das Blend and Umm Lulu crude grades will be announced by ADNOC as differentials to Murban OSP a month prior to loading.

Accordingly, from May 1 Platts will publish the Murban OSP basis the monthly average of the Singapore marker for the IFAD Murban contract two months prior to loading. Platts will publish the OSP differentials and outright OSPs for Upper Zakum, Das Blend and Umm Lulu when their differentials against Murban OSP are announced by ADNOC one month prior to loading.

In addition, Platts will launch differentials of the outright OSPs for all four grades against the monthly average of Platts cash Dubai 1st Line assessment during the month of trade.

For example in May, Platts will publish June outright OSPs for Murban, Upper Zakum, Das Blend and Umm Lulu as well as their differentials to Platts cash Dubai 1st Line assessment in April, which reflect barrels loading M+2 or in June.

In view of the changes, Platts will introduce new codes reflecting Upper Zakum, Das Blend and Umm Lulu OSP differentials against Murban, as well as new codes for all four grades including Murban against the monthly average of Platts cash Dubai 1st Line assessment in the month of trade.

The existing codes for the outright OSPs for Murban (AAIKZ00), Upper Zakum (AAILC00), Das Blend (AAXPH00) and Umm Lulu (OSLUF00) remain unchanged. ADNOC OSPs are published in Platts price database and on Platts Global Alert page 1051.

The following new codes will be launched for the ADNOC OSPs:

In addition, Platts will no longer update the codes reflecting the OSP differentials of the four grades against Platts Dubai as presently published by ADNOC. Separately, Platts began publishing IFAD Murban differentials to Dubai 1st line crude futures starting April 1.

The following codes will no longer be updated starting May 1:

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