Platts proposes to rename Brazilian Lula crude assessments as Tupi

S&P Global Platts proposes to change the name of its Brazilian 'Lula' crude assessment to 'Tupi', effective January 4, 2021.

Platts understands the grade -- formerly known as Lula -- is now marketed as Tupi following the change in the name of the oilfield from where it is produced. State-run Petrobras changed the name of its giant offshore subsalt field to Tupi from Lula in September 2020.

The proposed change would ensure Platts' assessments and terminology conform with the latest market conventions. The change in name would not alter any data codes or other aspects of Platts assessment of the grade.

Platts assesses cargoes of Brazilian Lula crude oil for DES delivery in North Asia, basis the eastern Chinese port of Qingdao, for delivery three months from the date of publication.

More details are available in the Specifications Guide Asia Pacific and Middle East Crude Oil here.

Please send all comments, feedback and questions on the proposed change to asia_crude@spglobal.com and PriceGroup@spglobal.com by November 30, 2020.

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.