Platts proposes to add ESPO to Asian Crude Index

Following a review of its Asian Crude Index (ACX), Platts proposes to add Russia's ESPO crude oil to the daily index.

The addition of ESPO would reflect the widespread acceptance of the Russian crude into the general Asian refining slate.

Platts proposes to add its daily ESPO M2 assessment, which reflects the value of cargoes loading 45-75 days forward from the date of loading, to the index. The assessment (Platts database code AAWFE00) would be added with effect from July 2, 2012, and be weighted at 3% of the total basket of crudes.

As a result, Platts proposes to reduce the total weighting of Middle Eastern crudes by 3% in aggregate from that date. Dubai, Oman and Upper Zakum would each be reduced by 1% in the basket, to 16% each.

The index is based on Platts daily crude oil spot price assessments, currently in the following proportions: Middle East sour crude represented by Dubai (17%), Oman (17%), Upper Zakum (17%) and Murban (6%); Asia-Pacific sweet crude represented by Tapis (10%), Minas (8%) and Duri (2%); West African sweet crude represented by Bonny Light (5%), Forcados (4%) and Cabinda (3%); as well as Asian Dated Brent (11%).

Please send all comments and enquiries by June 15 to asia_crude@platts.com and pricegroup@platts.com.