SUBSCRIBER NOTE: Platts proposes to update cut off timings for Middle East crude MOC

S&P Global Platts proposes to change the timing cut off for submission of new bids and offers during the Market on Close assessment process for Middle East crude partials and partials spreads to 4:15 p.m. Singapore time, from the current 4:00 pm Singapore time, with effect from August 1, 2018.

The change is aimed at bringing greater efficiency to the MOC assessment process, which is used to assess benchmark Dubai and Oman crude oil prices.

With the new timing, Platts will continue to publish, bids, offers or expressions of interest to trade before 4:15 pm, but would not publish any new bids or offers submitted after 4:15pm.

Activity in the Middle East sour crude MOC assessment process has grown substantially in recent years, reflecting rising trade volumes in the broader Asia market, underpinned by strong oil demand growth in countries such as China and India.

Platts timing and increment guidelines are a key component of its MOC assessment methodology, essential for an orderly and transparent price assessment process.

The proposed change would apply to all crude partials and spreads in the Middle East MOC assessment process for Dubai, Oman, Upper Zakum, Al Shaheen and Murban crudes. The five grades are physically deliverable into the benchmark Dubai crude contract.

Platts would continue to accept bids, offers and expressions of interest to trade for publication up until 4:00 pm for full cargoes and would continue to not accept bids and offers for publication for full cargoes after 4:00 pm.

For more information on Platts Middle East crude benchmarks and how they are assessed, please visit: http://www.platts.com/price-assessments/oil/dubai-crude Please send any feedback or questions to asia_crude@spglobal.com and pricegroup@spglobal.com by July 2, 2018.

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.