What is Platts Dubai?
The term 'Platts Dubai' refers to the physical price of Dubai crude oil loading through the month of assessment by S&P Global Commodity Insights. Alternative crudes Oman, Upper Zakum, Al Shaheen or Murban are also deliverable into the Platts Dubai contract, under a mechanism known as alternative delivery.
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The Dubai price is the primary physical pricing reference for crude oil loading from the Middle East Gulf, Far East Russia and other parts of the world to refiners and has been since spot markets first emerged in the 1980s. With deep financial markets available for hedging using Platts Dubai as a settlement, Dubai's influence as the world's leading reference price for all medium sour crude oil has grown through the years.
The Platts Dubai benchmark by S&P Global Commodity Insights is also the pricing reference for cargoes of crude oil sold from Russia's Far East ports to refiners across the Asia-Pacific region as well as the US West Coast.
As one-half of Brent/Dubai spreads, Platts Dubai also provides the key barometer for understanding the relative value of sweet and sour crude oil, which is the very engine that drives which crude oil, from which countries, moves through the global oil refining system.
Total production of Dubai, Oman, Upper Zakum, Al Shaheen and Murban is more than 3.5 million b/d of crude production. This compares to around 750,000 b/d underpinning the North Sea Brent benchmark BFOE.