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SUBSCRIBER NOTE: Platts reflecting CIF Rotterdam offers in Dated Brent

With effect from October 1, 2019, Platts is reflecting competitive offers of November-loading crude oil cargoes for Brent, Forties, Oseberg, Ekofisk and Troll on a CIF Rotterdam basis in its Dated Brent crude oil benchmark.

This follows on from a decision announced February 25 and available here:

Platts initially opened a consultation regarding this change September 24, 2018 in a note available here:

Offers on a CIF Rotterdam basis for any of the five grades currently reflected in the Dated Brent assessment will be considered when evaluating the most competitive available light sweet crude in the North Sea. Should a firm CIF Rotterdam offer for Brent, Forties, Oseberg, Ekofisk or Troll -- after adjusting for freight, port fees, and sailing time -- be more competitive than a comparable bid for those grades on an FOB basis the CIF Rotterdam offer would take precedence in the final assessment of Dated Brent on the loading dates in question.

FREIGHT ADJUSTMENT FACTOR: Following feedback on the freight adjustment factor to be applied to CIF Rotterdam cargoes in Dated Brent, and in order to support an orderly transition, Platts will phase in the level of freight adjustment over the course of three months until it reaches 80%. From October 1, a factor of 40% will be applied to November-loading CIF equivalent cargoes in the Dated Brent assessment, rising to 60% for December-loading cargoes, and 80% for January-loading cargoes onward. These percentages would be applied to the cargo's freight rate from its respective terminal to Rotterdam and associated port fees. CIF offers for inclusion in this process should be a full 600,000-barrel cargo on an Aframax-sized ship with a tolerance of 1% in the seller's option.

For more information on the publication of the FAF, please see the note published September 23 and available here:

Additional details on the methodology behind this change are available in the note published September 23 and available here:

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