MIDDLE EAST CRUDE MOC PERFORMANCE: Five mil barrels change hands for June loading

Market participants in the physical Middle East Platts Market on Close assessment process traded 5 million barrels of June-loading crude, according to trade performance data compiled by Platts, part of S&P Global Energy.

Middle East crude cargoes are traded on a two-month forward cycle, meaning that product loading in June originated from convergence cargoes declared in April.

A total of 10 convergence cargoes, equivalent to 5 million barrels of crude, were declared in April for loading in June, Platts data showed. All 10 cargoes comprised the Oman crude grade.

April MOC activity fell from a March record high to a 10-month low of 278 partials traded, according to Platts data. This was down 85.5% from 1,920 partials traded in March, which also saw a record high of 82 convergence cargoes declared, equivalent to 41 million barrels of crude, the data showed.

April partials volume fell 61.7% year over year, according to the data. MOC activity was last lower in June 2025, when 233 partials were traded, and three convergence cargoes were declared, the data showed.

A drop in April MOC activity coincided with disruptions to Middle East crude supply due to transit issues in the Strait of Hormuz, while Asian refiners responded by buying more arbitrage crudes, cutting refinery runs and tapping strategic reserves.

Vitol and TotalEnergies bought four cargoes each, Trafigura and Mercuria bought one cargo each, while Unipec and Shell sold six and four cargoes, respectively, according to Platts data.

A convergence occurs when 20 partials, each comprising 25,000 barrels, are traded between two counterparties, resulting in a 500,000-barrel physical cargo being declared from the seller to the buyer.

Performance tracking

Platts closely monitors performance on trades reported through the MOC 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, loading completion and other published parameters of the trades.

The table below shows performance-tracking details for all trades reported through the Middle East crude MOC in April 2026. 

Convergence cargoes declared during the April crude partials MOC: 

Source: Platts, traders