Platts opens further consultation on Brent benchmarks transition

Following extensive feedback, S&P Global Platts is opening a further consultation on the transition of its Brent complex of assessments -- including Dated Brent and Cash BFOE benchmarks -- to more broadly incorporate the trading of light, sweet crude in the North Sea.

Platts will defer the recently announced changes to the core Dated Brent benchmark and existing Cash BFOE benchmarks to allow for the fullest possible discussion of new, constructive suggestions received from the industry since February.

Platts will continue to focus on incorporating WTI Midland into its existing CIF Dated Brent assessment (PCAKM00) for deliveries from July 2022, as previously announced.

Platts will also continue with its plans to form an industry working group to consult on revised terms and conditions for voluntary use to reflect the inclusion of WTI Midland in the Brent complex.

This will allow consideration of CIF terms and conditions, as well as any alternatives that will ensure continued connectivity between Dated Brent and Cash BFOE in light of the upcoming incorporation of WTI Midland into the complex.

These efforts are designed to result in a set of terms and conditions that Platts would reflect in its Brent complex of assessments.

Platts will engage in further public consultation ahead of publishing any such finalized terms and conditions.

Platts recognizes the appetite for more time to analyze the impacts of these innovations.

Platts will therefore defer changes to its existing core FOB Dated Brent (PCAAS00) and existing cash BFOE benchmarks.

This means that Dated Brent and all related assessments, including Cash BFOE will remain unchanged on an FOB basis.

In February 2021, Platts delivered a blueprint designed to ensure ample physical volumes of oil to underpin Brent, the world's most important crude oil benchmark, long into the future.

Platts received strong support for this vision, which reflects the feedback and ideas received in its December 2020 consultation.

Platts also received feedback that there is a strong appetite for further consultation both on the way in which such innovations could be translated across to the core Platts Brent benchmarks, as well as the timing for such a change.

A number of specific new ideas have since been proposed by industry participants to help ensure the most successful evolution of Brent to its next phase.

Platts welcomes these ideas, and the opportunity to review them together with all market participants.

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