Platts amends Murban crude assessment, Quality Premium methodology from Jan 2, 2026

Platts, part of S&P Global Energy, has amended its methodology to assess Murban crude without a floor to Dubai, based on bids, offers and trades observed for Murban partials, cargoes and related markets and the methodology used to calculate the grade's Quality Premium applicable to the delivery of Murban crude oil upon the physical convergence of Dubai, Upper Zakum, Oman or Al Shaheen crude partials in the Platts Market on Close assessment process from Jan. 2, 2026.

Platts announced this change in a subscriber note published Aug. 26, 2025, following a proposal note published July 8, 2025. The proposal follows a consultation note published April 4, 2025, and detailed industry feedback that the role of Murban in the Dubai basket has evolved in recent years in light of shifting market dynamics.

Murban methodology

Starting Jan. 2, Platts will assess Murban crude without a floor to the benchmark Platts Dubai assessment, meaning the grade can be assessed above, at parity with, or below Dubai and other medium sour grades in the basket, based on bids, offers and trades observed for Murban partials, cargoes and related markets. Following this change, Platts Dubai assessments continue to be reflective of medium sour crude in all market conditions.

Platts Dubai assessments continue to take into consideration partials trading activity from market participants, only if they are willing to accept or declare a cargo of Dubai crude or alternative delivery of Upper Zakum, Oman, Al Shaheen, or Murban crude with a Quality Adjustment upon convergence to a full cargo.

Similarly, Platts Oman, Upper Zakum and Al Shaheen assessments continue to reflect market activity in their respective partials and full-cargo MOCs. These assessments continue to take into consideration partial trading activity from market participants, only if they are willing to accept or declare a cargo of the respective crude oil grade or alternative delivery of Murban crude with a quality adjustment upon convergence to a full cargo.

In the absence of demonstrable bids, offers or trades for partials or full cargoes in the MOC, these assessments reflect the tradable value of the crude as indicated through Platts' survey of market participants at 4:30 pm Singapore time.

Murban quality adjustment methodology

From Jan. 2, 2026, Platts has renamed the existing Murban Quality Premium (AASVA00) as 'Murban Quality Adjustment' and continues to publish this assessment under the same code.

Platts assesses the daily Murban Quality Adjustment based on the net price differences between Platts Murban (M+2) and Platts Oman (M+2) assessments over five business days prior to the day of publication. Platts publishes the Murban Quality Adjustment prior to 11 am Singapore time each day.

The Murban Quality Adjustment continues to be applicable to the delivery of Murban crude oil upon the physical convergence of Dubai, Upper Zakum, Oman or Al Shaheen crude partials in the Platts Market on Close price assessment process.

If Platts Murban price assessments averaged below Platts Oman over the five days, Platts publishes a quality adjustment for Murban based on 100% of the net price difference between the two grades over the five days prior. There is no threshold for this quality adjustment when Murban averages below Oman over the five days. If a quality adjustment with a negative number was assessed for a given day, the seller pays the buyer the published quality adjustment upon the declaration of Murban into a convergence on that day.

If Platts Murban averaged above Platts Oman over the five days, Platts continues to publish a daily Murban quality adjustment at 50% of the net price difference between Platts Murban (M+2) and Platts Oman (M+2) price assessments, but over five business days prior to the day of publication. The threshold for the quality adjustment remains at 50 cents/b when Murban averages above Oman over the five days. Therefore, Platts continues to announce a quality adjustment of zero, if 50% of the observed price difference between Platts Murban and Platts Oman over the five publication days is between zero and 50 cents/b premium, inclusive. If a positive quality adjustment was assessed for a given day, the buyer pays the seller the published quality adjustment upon the declaration of Murban into a convergence on that day.

EXAMPLES:

On Jan. 12, 2026:

Platts continues to publish the Murban Quality Adjustment under the symbol AASVA00 in Platts Global Alert pages 2210, 2220 and the Crude Oil Marketwire. The changes to the published quality adjustment take effect from Jan. 2, 2026, for the declaration of Murban into a convergence cargo loading from March 2026.

Previous Murban quality premium methodology

Platts previously published a daily Murban QP at 50% of the net price difference between Platts Murban (M+2) and Platts Oman (M+2) price assessments over 15 business days prior to the day of publication. Platts announced a QP of zero if 50% of the observed price difference between Platts Murban and Platts Oman over the 15-day publication period is less than 50 cents/b. This methodology was in place until the end of 2025.

Rationale for the change

Platts has gathered detailed industry feedback that the role of Murban in the Dubai basket has evolved in recent years in light of shifting market dynamics. These include regional production cuts restraining the availability of medium sour grades and increased supplies of lighter, sweeter crudes at the same time, which have more frequently led to a narrowing or reversal of sweet/sour values. Additionally, regional and global refinery upgrades have increased demand for heavier and sourer crudes.

These market shifts have at times significantly increased the regularity with which Murban is declared into Dubai convergences and Murban has played a greater role in defining the benchmark.

Feedback from the consultation and proposal periods revealed strong market support for Murban remaining in the basket of crudes that make up the Dubai benchmark. Murban was introduced into the Dubai basket in January 2016.

A price assessment of Murban without a floor to Dubai and the corresponding Murban Quality Adjustment allows the value of the Dubai benchmark to more dynamically react to shifts in sweet/sour fundamentals. This methodology change is designed to ensure Platts Dubai continues to reliably reflect the value of medium sour crude in all market conditions.

Platts has also published an FAQ document to accompany this decision note, available here.

Please send questions, comments or feedback to asia_crude@spglobal.com and PriceGroup@spglobal.com.

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