SUBSCRIBER NOTE: Platts to reflect pre-loaded oil in all Urals, Mediterranean delivered crude oil markets

In line with changing trading practices and market conditions in the delivered Northwest European Urals and Mediterranean sweet crude markets, Platts will reflect bids where the buyer will accept previously loaded oil in the Urals Northwest Europe CIF Rotterdam, CPC Blend CIF Augusta and Azeri Light CIF Augusta assessments beginning April 2, 2018.

This decision follows on from a proposal to amend the conditions under which Urals and Mediterranean crude cargoes can be sold against specific loading dates in the Platts Market on Close assessment process. This proposal was published October 31, 2017 and is available here: https://www.platts.com/subscriber-notes-details/26830814.

Currently, Platts only reflects the sale of pre-loaded cargoes into bids in the Urals Mediterranean market.

Platts first introduced the delivery of pre-loaded oil in the Urals Mediterranean market on January 4, 2016 in a note available here: https://www.platts.com/subscriber-notes-details/21692627

In line with existing methodology, offering pre-loaded oil on a buyer acceptable vessel is specifically excluded from this methodology change.

Platts currently reflects sales of Urals and Mediterranean CIF crude oil cargoes in the MOC whose bill of lading falls within a minimum five-day date range specified in a bid by the buyer, as well as a "slippage day" at either end of this range.

More information on previously-loaded oil is available in the Platts Crude Oil Methodology Guide available here: https://www.platts.com/methodology-specifications/oil.

This decision will allow sellers to deliver a cargo that loaded prior to the specific dates bid, provided it meets all other Platts guidelines and the seller covers any additional costs incurred by the buyer such as demurrage.

Platts Urals NWE and Mediterranean crude oil assessments will continue to reflect crude oil that has been recently loaded at one of the normal terminals of origin for the specific grade; assessments will continue to reflect only crude oil that remains in its original condition, and Platts existing ship approval methodology would still apply.

Please send any further comments and feedback to europe_crude@spglobal.com and pricegroup@spglobal.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.