Platts proposes to amend Murban crude assessment, Quality Premium methodology from Jan 2, 2026

• Proposes for Murban to be assessed without a floor to Dubai
• Proposes to change the name of the Murban Quality Premium to 'Murban Quality Adjustment' and continue to publish under the same code (AASVA00)
• Proposes to assess daily Murban quality adjustment based on the net price differences between Platts Murban and Platts Oman assessments over five business days prior to the day of publication
• If Platts Murban assessments average below Platts Oman over the five days prior to the day of publication, Platts proposes to publish a Murban quality adjustment based on 100% of the net price difference between the two grades, with no threshold

Following extensive industry consultation, Platts, part of S&P Global Commodity Insights, proposes to assess Murban crude without a floor to Dubai, based on bids, offers and trades observed for Murban partials, cargoes and related markets and to amend the methodology used to calculate the grade's Quality Premium applicable to the delivery of Murban crude oil upon the physical convergence of Dubai, Upper Zakum, Oman or Al Shaheen crude partials in the Platts Market on Close assessment process, with effect from Jan. 2, 2026.

This proposal follows a consultation note published April 4, 2025, and detailed industry feedback that the role of Murban in the Dubai basket has evolved in recent years in light of shifting market dynamics.

PROPOSED MURBAN METHODOLOGY

Starting Jan. 2, 2026, Platts proposes to assess Murban crude without a floor to the benchmark Platts Dubai assessment, meaning the grade could be assessed above, at parity with, or below Dubai and other medium sour grades in the basket, based on bids, offers and trades observed for Murban partials, cargoes and related markets. Following the proposed change, Platts Dubai assessments would continue to be reflective of medium sour crude in all market conditions.

Platts Dubai assessments would continue to take into consideration partials trading activity from market participants only if they are willing to accept or declare a cargo of Dubai crude or alternative delivery of Upper Zakum, Oman, Al Shaheen, or Murban crude with a Quality Adjustment upon convergence to a full cargo.

Similarly, Platts Oman, Upper Zakum and Al Shaheen assessments would continue to reflect market activity in their respective partials and full-cargo MOC process. These assessments would continue to take into consideration partials trading activity from market participants only if they are willing to accept or declare a cargo of the respective crude oil grade or alternative delivery of Murban crude with a quality adjustment upon convergence to a full cargo.

PROPOSED MURBAN QUALITY ADJUSTMENT METHODOLOGY

Platts proposes to rename the existing Murban Quality Premium (AASVA00) as 'Murban Quality Adjustment' and would continue to publish this assessment under the same code.

Platts proposes to assess the daily Murban quality adjustment based on the net price differences between Platts Murban (M+2) and Platts Oman (M+2) assessments over five business days prior to the day of publication. Platts would publish the Murban quality adjustment prior to 11 am Singapore time each day.

If Platts Murban assessments averaged below Platts Oman over the five days, Platts would publish a quality adjustment for Murban based on 100% of the net price difference between the two grades over the five days prior. There would be no threshold for this quality adjustment when Murban averages below Oman over the five days. If a quality adjustment with a negative number was assessed for a given day, the seller would pay the buyer the published quality adjustment upon the declaration of Murban into a convergence on that day.

If Platts Murban assessments averaged above Platts Oman over the five days, Platts proposes to continue to publish a daily Murban quality adjustment at 50% of the net price difference between Platts Murban (M+2) and Platts Oman (M+2) assessments, but over five business days prior to the day of publication. The threshold for the quality adjustment would remain at 50 cents/b when Murban averages above Oman over the five days. Therefore, Platts would continue to announce a quality adjustment of zero, if 50% of the observed price difference between Platts Murban and Platts Oman over the five publication days is between zero and 50 cents/b premium, inclusive. If a positive quality adjustment was assessed for a given day, the buyer would pay the seller the published quality adjustment upon the declaration of Murban into a convergence on that day.

EXAMPLES:

On Jan. 12, 2026

Platts would continue to publish the Murban quality adjustment under the symbol AASVA00 in Platts Global Alert pages 2210, 2220 and the Crude Oil Marketwire. The proposed changes to published quality adjustment would take effect from Jan. 2, 2026 for the declaration of Murban into a convergence cargo loading from March 2026.

CURRENT MURBAN QUALITY PREMIUM METHODOLOGY

Platts currently publishes a daily Murban QP at 50% of the net price difference between Platts Murban (M+2) and Platts Oman (M+2) assessments over 15 business days prior to the day of publication. Platts will announce a QP of zero if 50% of the observed price difference between Platts Murban and Platts Oman over the 15-day publication period is less than 50 cents/b.

RATIONALE FOR THE CHANGE

Platts has gathered detailed industry feedback that the role of Murban in the Dubai basket has evolved in recent years in light of shifting market dynamics. These include OPEC+ production cuts restraining the availability of medium sour grades and increased supplies of lighter, sweeter crudes at the same time, which have more frequently led to a narrowing or reversal of sweet/sour values.

Additionally, regional and global refinery upgrades have increased demand for heavier and more sour crudes. These market shifts have significantly increased the regularity with which Murban is declared into Dubai convergences and Murban has played a greater role in defining the benchmark.

Feedback from the consultation has revealed strong market support for Murban remaining in the the basket of crudes that make up the Dubai benchmark. Murban was introduced into the Dubai basket in January 2016.

An assessment of Murban without a floor to Dubai and the corresponding Murban quality adjustment, would allow the value of the Dubai benchmark to more dynamically react to shifts in sweet/sour fundamentals. This methodology proposal is designed to ensure Platts Dubai continues to reflect the value of medium sour crude in all market conditions.

Platts has also published an FAQ document to accompany this proposal note: https://www.spglobal.com/content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/crude-oil/dubai_oman_benchmarks_faq.pdf

Please send questions, comments or feedback on this proposal to asia_crude@spglobal.com and PriceGroup@spglobal.com by Aug. 8, 2025. 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 to the public upon request.