SUBSCRIBER NOTE: Platts to amend assessment methodology for four crude grades

Following an extended period of low liquidity for the crude oil grades Suez Blend, Syrian Light and Syrian Heavy (also known as Souedie), Platts will amend the methodology behind these assessments, as well as that for Es Sider, to maintain their accuracy in the event of market liquidity failing to recover.

Platts currently states for all four grades that in periods of spot market illiquidity the price assessments will be valued as a differential to the Mediterranean sour crude benchmark, Urals CIF Med, taking into account the quality difference between the crudes.

Given the differences in market dynamics and quality between the grades and Urals, Platts is proposing to amend this methodology to allow them to be assessed by comparison to other relevant crude oil grades, as well as to other important indicators such as refinery margins.

Platts proposes that the methodology guide for each grade be amended to read: "In periods of spot market illiquidity, the grade may be valued by comparison to other relevant crude oil grades, as well as to other important indicators such as refinery margins, and any relevant freight rates as published in Platts Dirty Tankerwire."

No other changes to the four assessments are proposed.

Please send any comments and queries by December 1, 2015 to europe_crude@platts.com and pricegroup@platts.com.

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.