Platts amends Abu Dhabi crude OSPs publication from May 1, 2021

S&P Global Platts has updated its publication of Abu Dhabi's official selling prices or OSPs from May 1, 2021 in line with changes made by Abu Dhabi National Oil Co.

Platts understands that ADNOC sets 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 are expected to be announced by ADNOC as differentials to Murban OSP a month prior to loading.

Platts first announced these changes in a subscriber note published April 16: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/041621-platts-to-amend-abu-dhabi-crude-osps-publication

Accordingly, from May 1 Platts is publishing 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 has launched 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 publishes 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 reflects barrels loading M+2 or in June.

In view of the changes, Platts has introduced 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 new codes are as follow:

Murban AOSPA00

Umm Lulu AOSPB00 AOSPE00

Das Blend AOSPC00 AOSPF00

Upper Zakum AOSPD00 AOSPG00

In addition, Platts no longer updates the codes reflecting the OSP differentials of the four grades against Platts Dubai as presently published by ADNOC. Starting April 1, Platts began publishing IFAD Murban differentials to Dubai 1st line crude futures: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/033021-platts-to-publish-ifad-murban-crude-singapore-marker-price

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

Grade OSP Diff to Dubai

Murban AAIOS00

Umm Lulu OSLUD00

Das Blend AAXPL00

Upper Zakum AAIOV00

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