SUBSCRIBER NOTE: Platts opens formal review of additional crudes for Mideast crude benchmarks

Following an extended period of public consultation and review, Platts is opening a formal consultation regarding the possible inclusion of Qatar's Al-Shaheen and Abu Dhabi's Murban in the basket of crude oils reflected in its Dubai and Oman crude oil benchmarks, and the possible implementation of a Quality Premium for deliveries of Murban. Platts invites comments, questions and other feedback on these proposals by October 30, 2015. AL-SHAHEEN: Platts is studying the possibility of reflecting bids and offers for Dubai crude oil, where the buyer would be willing to take delivery of Al Shaheen or destination-free Murban crude oil, as well as the possible deliveries of Dubai, Oman and Upper Zakum already possible in the Platts assessment process. Al-Shaheen production stands around 300,000 b/d. The crude is produced offshore Qatar by Maersk as part of a Exploration and Production Sharing Agreement (EPSA) with Qatar Petroleum (QP). The grade is exported from FSO Africa and FSO Asia. Assays of the grade indicate that it typically has an API of 28 degrees and a sulfur content of 2.37% wt. MURBAN: Additionally, Platts is studying the possibility of reflecting bids and offers for Oman crude oil where the buyer is willing to take delivery of destination-free Murban crude oil, as well as the possible delivery of Oman Blend itself. Murban production stands around 1.6 million b/d. Murban is produced at onshore oil fields in Abu Dhabi by Abu Dhabi Company for Onshore Oil Operations, or Adco. The grade is exported from Jebel Dhanna and Fujairah ports in the UAE. Assays of the grade indicate that it typically has an API of 40.31 with a sulfur content of 0.778% wt.

QUALITY PREMIUM: Platts requests feedback on the possible inclusion of a Quality Premium for Murban, if it is included as a deliverable to Dubai and Oman. A Quality Premium is paid by buyer to seller for the nomination and delivery of a significantly higher quality crude oil against a commitment. Platts has reflected QPs in its North Sea crude oil benchmarks for deliveries of Oseberg and Ekofisk since June 2013. RATIONALE FOR POSSIBLE CHANGE: Platts has discussed the potential inclusion of more grades of crude oil as deliverable to its Middle Eastern crude benchmarks at public forums and in discussions across the industry for several years. Platts' Dubai and Oman crude assessments are designed to reflect the value of widely tradeable, readily deliverable barrels of crude in the regions spot markets. The addition of additional crudes as alternative delivery further ensures that there is a suitable availability of crudes for delivery to meet spot market demand. Platts began assessing the price of Dubai crude oil in the early 1980s as a single grade. As Dubai crude production decreased, Platts in January 2002 incorporated Oman crude as an alternative for delivery into the Dubai partials mechanism. This was followed in February 2006 by Abu Dhabi's Upper Zakum crude as another alternative for delivery into the Platts Dubai partials mechanism. A fuller discussion of the evolution of Platts Dubai is available at http://www.platts.com/price-assessments/oil/dubai-crude

CURRENT METHODOLOGY: Under Platts current methodology, Platts publishes bids, offers and trades for Dubai partial contracts of 25,000 barrels each, with a full cargo of 500,000 barrels to be delivered when the same buyer and seller have traded 20 partials together. Sellers may nominate any of three grades to fulfill this delivery obligation: Dubai, Upper Zakum or Oman. Platts also publishes bids, offers and trades for Oman partial contracts of 25,000 barrels each, with a full cargo of 500,000 barrels to be delivered when the same buyer and seller have traded 20 partials together. Currently sellers may only deliver Oman crude against this obligation. FEEDBACK: Platts invites comments, questions and other feedback on these proposals by October 30, 2015. Please send all comments, feedback and questions to asia_crude@platts.com and pricegroup@platts.com.

Specifically, Platts invites views on the merits of expanding the group of crudes reflected in its benchmark Middle East crude assessments, any logistical considerations, the potential use of a QP for Murban, and the potential timing of such an update. Platts will study all feedback received on these points and any other areas of interest, and provide an update on any possible changes to methodology after the close of the review period.

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.