SUBSCRIBER NOTE: Platts to assess Minas, Tapis crude using full cargoes from Dec 1, 2014

After consultation with the industry, Platts will start to base its assessments on full cargoes for Malaysia's Tapis crude oil and Indonesia's Minas crude oil with effect from December 1, 2014. Through this change, Platts will discontinue the use of the partials mechanism to assess Minas and Tapis. Instead, Platts will publish bids, offers and transactions for full parcels of either grade. Platts will amend the cargo size reflected in these grades to 100,000 barrels for Minas (down from 200,000 barrels currently) and 300,000 barrels for Tapis (down from 450,000 barrels currently), in line with existing trade in these grades. These changes reflect evolving dynamics in Southeast Asia's crude oil markets. Crude oil available for trade in the spot market is generally trading in smaller physical loading sizes. Currently, the partials mechanism for Minas leads to a convergence of a 200,000 barrel cargo of the grade following the accumulation of eight partials of 25,000 barrels from a single seller. The partials mechanism for Tapis leads to the convergence of a cargo of 450,000 barrels following the accumulation of eighteen partials of 25,000 barrels from a single seller.