Platts launches consultation on the role of Murban crude in its Dubai benchmark

Platts, part of S&P Global Commodity Insights, is opening a consultation on the way Murban crude oil pricing is reflected in its Dubai crude oil benchmark.

Platts is seeking feedback on the assessment of Murban and whether its value should be allowed to drop below Dubai as an independent assessment. In such a scenario, the buyer would be compensated for being nominated a cargo of Murban on partials convergence, while Dubai would continue to serve as the floor of the Dubai benchmark.

The consultation comes on the back of market feedback that the role of Murban in the Dubai basket has evolved in light of recent market dynamics. These include OPEC+ production cuts restraining the availability of medium sour grades and increased supplies of lighter, sweeter crudes at the same time, which have led at times to a narrowing or reversal of sweet/sour values.

As per current methodology, the value of Murban in the Platts assessment process cannot fall below Dubai, which sets the floor of the benchmark.

Platts publishes a daily Murban quality premium at 50% of the net price difference between Platts Murban (M+2) and Platts Oman (M+2) assessments over 15 business days prior to the day of publication.

Through this consultation, Platts seeks to understand industry views on:

• The suitability of an independent Murban assessment that can be assessed at a premium, parity, or discount to Dubai, based on Platts assessment of the Murban partial, cargo, and related markets
• A negative quality premium as an appropriate mechanism for compensation for a buyer to whom a Murban cargo is declared, should it be assessed at a discount to benchmark Dubai
• The level of such a discount and the period over which its delta should be assessed
• The grade used as a reference for any Murban quality premium, currently Oman
• Timeline for any change to the methodology

Please send all feedback to PriceGroup@spglobal.com and Asia_Crude@spglobal.com by May 28, 2025.

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing.

Platts will consider all comments received and make those not marked as confidential available upon request.