Platts reiterates performance expectations for trades reported in Middle East crude MOC

Platts, part of S&P Global Energy, would like to remind participants that full performance of trades reported through the Platts Middle East crude oil Market on Close assessment process is paramount.

Platts is aware of logistical constraints that have stemmed from evolving unprecedented circumstances in the Middle East, and expects both buyers and sellers to be reasonable and demonstrate best endeavors to perform fully on trades published in the Platts MOC process.

Platts guidelines state that buyers and sellers of crude grades that comprise the Dubai benchmark should not nominate cargoes with loading dates ending in the last two calendar days of the month to avoid the risk of loading slipping into the next month.

However, Platts understands that there have been instances in recent weeks where logistical challenges around being able to fix vessels to align with originally nominated dates have led to deferment to later dates, including the last two calendar days of the month.

Given the exceptional operational circumstances that the market is currently faced with, Platts would like to remind participants to be reasonable in their bilateral discussions, including exploring alternative options, to ensure trade performance. Platts only recognizes bids, offers and transactions where no party claims a right to unilaterally cancel a transaction.

Please send any comments or questions to asia_crude@spglobal.com and pricegroup@spglobal.com .

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

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