MIDDLE EAST CRUDE MOC: March-April loadings see  17.5 mil barrels change hands

Market participants in the Platts Middle East crude Market on Close assessment process have so far completed physical performance of 17.5 million barrels for March- and April-loading cargoes, according to trade performance data compiled by Platts, part of S&P Global Energy.

Middle East crude cargoes trade on a two-month forward cycle, meaning that product loading in March and April resulted from convergence cargoes declared in January and February, respectively, ahead of the sudden outbreak of the war and the interruption to shipping through the Strait of Hormuz.

A total of 20 convergence cargoes -- equivalent to 10 million barrels of oil -- for March loading were declared in January, comprising 19 Upper Zakum cargoes (9.5 million barrels) and one Oman cargo (500,000 barrels). March loadings also included three 500,000-barrel Upper Zakum full-crude cargoes that traded in the MOC.

A total of 589 partials traded in January, all of which were Dubai partials. A convergence occurs when 20 partials are traded between two counterparties, resulting in a full 500,000-barrel physical cargo being declared from the seller to the buyer.

Of the 23 March-loading cargoes, 18 have changed hands; three could not be loaded due to logistical constraints, while the remaining two are under discussion among counterparts involved in those chains.

April-loading crude cargoes comprised 40 convergence cargoes declared in February and one 500,000-barrel full Das Blend cargo. The 40 convergence cargoes comprised 26 Upper Zakum, 10 Oman, three Al-Shaheen, and one Dubai. 960 partials traded in February, all of which were Dubai partials.

Of the 41 April-loading cargoes, 17 have changed hands; 20 were not loaded due to logistical constraints, while the remaining four are under discussion and pending loading. 

Performance tracking

 Platts closely monitors performance on trades reported through the MOC process as part of its ongoing commitment to upholding the highest standards of integrity and transparency.

As part of trade performance tracking, Platts has reviewed various aspects of performance, including the timeliness of nominations, the completion of loading, and other published parameters of the trades.

The table below shows performance tracking details of all trades reported through the Middle East crude MOC process in January and February 2026. 

Convergence cargoes declared during the January Platts crude partials MOC: 

Full cargoes traded during the January Platts crude MOC: 

Convergence cargoes declared during the February Platts crude partials MOC:

Full cargo traded during the February Platts crude MOC: 

Source: Platts, traders