SUBSCRIBER NOTE: Platts to change calculations for Mexico crude OSPs

Platts will change its daily calculations for Mexico's crude Official Selling Prices to reflect Pemex's announcement of new formulas, effective December 2, 2019.

Pemex's new formulas go into effect in December, according to an October 17 press release.

AMERICAS: Pemex changed its formulas for Maya (symbol: AAVLO00), Isthmus (AAVLP00), and Olmeca (AAVLQ00) crude destined to the US Gulf Coast, the Americas' Atlantic Coast and the Caribbean and for Maya (AAUFV00) and Isthmus (AAXLZ00) grades destined to the US West Coast and the Americas' Pacific Coast to 0.65 WTI HOU + 0.35 ICE BRENT + K.

Platts calculations for these formulas will both be revised to 65% of that day's WTI MEH assessment (AAYRG00) plus 35% of that day's front-month ICE Brent settlement (ICLL001) plus Pemex's announced K factor.

In its calculation, Platts will use its assessment for WTI MEH as a proxy for WTI HOU, which is an Argus Media assessment.

EUROPE, INDIA AND THE MIDDLE EAST: Pemex changed its formulas for Maya (AAVLR00), Isthmus (AAVLS00) and Olmeca (AAXNE00) crude destined for Europe, India, and the Middle East to ICE Brent + K.

Platts will revise its calculations for these postings to the front-month ICE Brent settlement (ICLL001) plus Pemex's announced K factor.

ASIA, EXCLUDING INDIA: The formula for Maya (AAUFV00) and Isthmus (AAXLZ00) crude destined to Asia Excluding India was left unchanged as the average of Platts Oman and Platts Dubai, plus K.

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