Platts to launch Basrah Medium CFR North Asia assessment Jan 3, 2022

S&P Global Platts will launch daily assessments for Iraq's Basrah Medium crude on a CFR North Asia basis from Jan. 3, 2022.

The new assessment will reflect the value of Basrah Medium crude delivered into North Asia at 4:30 pm Singapore time (0830 GMT), including freight to ship barrels on a VLCC from the Middle East to Far East. The assessment will be published in addition to Platts existing assessments for Basrah Medium crude on a FOB basis.

For the freight calculation a conversion factor of 7.13 b/mt will be used, in line with API standards set by Iraq's state marketer SOMO for Basrah Medium. The grade quality and conversion factors will be reviewed periodically.

Platts already publishes daily assessments for Oman, Dubai, Murban, Upper Zakum, Qatar Marine, ESPO, LOOP Sour, WTI MEH, Forties and Dalia on a CFR North Asia basis.

Platts discontinued publication of daily Basrah Light CFR North Asia assessments from Nov. 1, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/110121-platts-discontinues-asia-basrah-light-m2-assessments

The new Basrah Medium CFR North Asia assessment will help market participants better analyze the competitiveness of crude flows that increasingly feed the demand of buyers, particularly in high growth demand centers in North Asia. The Basrah assessment will be published on Platts Global Alert pages 2202 and 2203, in Platts Crude Oil Marketwire and Platts Oilgram Price Report.

Please send all feedback to asia_crude@spglobal.com and pricegroup@spglobal.com.

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