SUBSCRIBER NOTE: Platts to amend pricing basis of Saudi Arabian crude oil OSPs

S&P Global Platts will amend the pricing basis of its Saudi Arabian crude oil OSPs for customers in Europe, Latin America and Africa from ICE BWAVE to the ICE Brent settlement price.

State-owned Saudi Aramco announced in a letter to customers dated April 4, 2017 that, starting July 1, it will sell crude to buyers in certain regions based on the ICE settlement price, rather than the current system of using the daily weighted average of Brent trades, or BWAVE.

Platts amendment to the pricing basis will keep the outright OSP assessments in line with Saudi Aramco's standard.

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