Platts clarifies performance expectations for Middle East crude nomination laycans and procedures

Further to the clarification note of April 17, Platts, part of S&P Global Energy, would like to clarify performance expectations for Middle East crude cargo nomination laycans and procedures when the seller-allocated dates fall on the last two calendar days of the month.

As per Platts methodology, the buyer of a crude cargo in the Dubai Market On Close assessment process should not nominate loading dates ending in the last two calendar days of the month.

If, despite demonstrated best efforts such as renominations, seller-allocated dates still fall on the last two calendar days of the month, Platts expects buyers and sellers to be reasonable in their bilateral discussions while exploring alternative options, such as a potential compensation agreement should the cargo loading slip into the next month with different pricing implications.

In the Platts MOC process, performance is paramount and Platts only recognizes bids, offers and transactions where no party claims a right to unilaterally cancel a transaction. As such, Platts expects buyers and sellers to fully explore all possible options towards full performance of trades reported through the MOC process.

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.