Specifications Guide

Europe and Africa Crude Oil

Latest update: March 2023

Definitions of the trading locations for which Platts

publishes daily indexes or assessments.................. . . . . 2
North Sea.. . . . . . . . . . . . . . . . . . ........................................... . . . . 6
West Africa.. . . . . . . . . . . . . . . . ........................................... . . . 15
Urals and Mediterranean.......................................... . . . 19

Revision history.. . . . . . . . ........................................... . . 26

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Specifications Guide Europe and Africa Crude Oil: March 2023

Definitions of the trading locations for which Platts publishes daily indexes or assessments
The following specifications guide contains the primary specifications for Platts crude oil assessments in Europe and Africa. All the assessments listed here employ Platts Assessments Methodology, as
published at https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf.

These guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.

This guide is current at the time of publication. Platts may issue further updates and enhancements to this guide and will announce these to subscribers through its usual publications of record. Such
updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.

North Sea
Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM

Dated Brent FOB

Dated Brent (FOB) PCAAS00 PCAAS03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated North Sea Light (FOB) AAOFD00 AAOFD03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated Brent Differential (FOB) AAXEZ00 AAXEZ03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated Brent Euro (FOB) AAPYR00 AAPYR03 FOB North Sea 10-M+1 600,000 600,000 Euro Barrels
Dated Brent 5 Day Rolling Average (FOB) AAIVI00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Brent/Ninian Blend (FOB) AAVJA00 AAVJA03 FOB Sullom Voe 10-M+1 600,000 600,000 US $ Barrels
BNB vs North Sea Dated Brent Strip (FOB) AAVJB00 AAVJB03 AAVJA04 FOB Sullom Voe 10-M+1 600,000 600,000 US $ Barrels
Forties Blend (FOB) PCADJ00 PCADJ03 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels
Forties Blend vs North Sea Dated Brent Strip (FOB) AAGWZ00 AAGXA00 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels
Oseberg (FOB) PCAEU00 PCAEU03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
Oseberg vs North Sea Dated Brent Strip (FOB) AAGXF00 AAGXG00 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
Ekofisk (FOB) PCADI00 PCADI03 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels
Ekofisk vs North Sea Dated Brent Strip (FOB) AAGXB00 AAGXC00 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels
Troll (FOB) AAWEX00 AAWEX03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels
Troll vs North Sea Dated Brent Strip (FOB) AAWEY00 AAWEY03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels

Freight Adjustment Factors

Freight Adjustment Factor (FAF) Weighting UKC-UKC FAFWA00 UKC Percentage
FAF Sullom Voe-Rotterdam $/bbl FSVRM00 FSVRM03 North Sea US $ Barrels
FAF Hound Point-Rotterdam $/bbl FHPRM00 FHPRM03 North Sea US $ Barrels
FAF Sture-Rotterdam $/bbl FSTRM00 FSTRM03 North Sea US $ Barrels
FAF Teesside-Rotterdam $/bbl FTSRM00 FTSRM03 North Sea US $ Barrels
FAF Mongstad-Rotterdam $/bbl FMGRM00 FMGRM03 North Sea US $ Barrels
FAF Scapa Flow-Rotterdam $/bbl FSFRM00 FSFRM03 North Sea US $ Barrels

Cash BFOE And Related Instruments

Brent M1 (London close) PCAAQ00 PCAAQ03 FOB North Sea M+2 100,000 600,000 US $ Barrels
Brent M1 (Singapore close) PCAJG00 PCAJH03 FOB North Sea M+2 100,000 600,000 US $ Barrels

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Specifications Guide Europe and Africa Crude Oil: March 2023

North Sea
Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM
Brent M2 (London close) PCAAR00 PCAAR03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent M2 (Singapore close) PCAJI00 PCAJJ03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent M3 (London close) PCARR00 PCARR03 FOB North Sea M+4 100,000 600,000 US $ Barrels
Brent M3 (Singapore close) PCAJ000 PCAJ003 FOB North Sea M+4 100,000 600,000 US $ Barrels
Brent EFP M1 AAGVX00 AAGVX03 FOB North Sea M+2 100,000 600,000 US $ Barrels
Brent EFP M2 AAGVY00 AAGVY03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent EFP M3 AAMVY00 AAMVY03 FOB North Sea M+4 100,000 600,000 US $ Barrels
Brent M1 vs WTI M2 AALAU00 AALAU03 US $ Barrels
Brent M2 vs WTI M3 AALAV00 AALAV03 US $ Barrels
Brent M3 vs WTI M4 AALAY00 AALAY03 US $ Barrels

De-Escalator And Quality Premiums

Forties Sulfur De-Escalator AAUXL00 US $ Barrels
Quality Premium Oseberg Current Month AAXDW00 US $ Barrels
Quality Premium Oseberg Mo01 AAXDX00 US $ Barrels
Quality Premium Ekofisk Current Month AAXDY00 US $ Barrels
Quality Premium Ekofisk Mo01 AAXDZ00 US $ Barrels
Quality Premium Troll Current Month ATFNB00 US $ Barrels
Quality Premium Troll Mo01 ATFNA00 US $ Barrels

Dated Brent CIF Rotterdam

Dated Brent (CIF) PCAKM00 PCAKM03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated North Sea Light (CIF) AAVJG00 AAVJG03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated Brent vs North Sea CIF Dated Brent Strip AAVJF00 AAVJF03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated Brent Euro (CIF) PCAKN00 PCAKN03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Brent/Ninian Blend (CIF) PCAKP00 PCAKP03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
BNB vs North Sea CIF Dated Brent Strip AAVJB00 AAVJB03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Forties Blend (CIF) PCAKR00 PCAKR03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Forties Blend vs North Sea CIF Dated Brent Strip AAHXC00 AAHXC03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Oseberg (CIF) PCAKT00 PCAKT03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Oseberg vs North Sea CIF Dated Brent Strip AAHXD00 AAHXD03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Ekofisk (CIF) PCAKV00 PCAKV03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Ekofisk vs North Sea CIF Dated Brent Strip AAHXB00 AAHXB03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Troll (CIF) AAXJO00 AAXJO03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Troll vs North Sea CIF Dated Brent Strip AAXJN00 AAXJN03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
WTI Midland (CIF) WMCRD00 WMCRD03 CIF Rotterdam 12-M+1 500,000 700,000 US $ Barrels
WTI Midland vs North Sea CIF Dated Brent Strip WMCRB00 WMCRB03 CIF Rotterdam 12-M+1 500,000 700,000 US $ Barrels

North Sea Regional Crudes

North Sea Basket AAGIZ00 AAGIY00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Statfjord (FOB) PCAEE00 PCAEE03 FOB Statfjord FPSO 10-M+1 855,000 855,000 US $ Barrels

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Specifications Guide Europe and Africa Crude Oil: March 2023

North Sea
Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM
Statfjord vs North Sea Dated Brent Strip (FOB) AAGXD00 AAGXE00 FOB Statfjord FPSO 10-M+1 855,000 855,000 US $ Barrels
Flotta Gold PCACZ00 PCACZ03 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels
Flotta Gold vs North Sea Dated Brent Strip AAGXH00 AAGXI00 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels
Duc AAWEZ00 AAWEZ03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels
Duc vs North Sea Dated Brent Strip AAWFL00 AAWFL03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels
Grane PCALA00 PCALA03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
Grane vs North Sea Dated Brent Strip PCALB00 PCALB03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
Johan Sverdrup AJSVA00 AJSVA03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels
Johan Sverdrup vs North Sea Dated Brent Strip AJSVB00 AJSVB03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels
Statfjord (CIF) AASAS00 AASAS03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels
Statfjord vs North Sea CIF Dated Brent Strip AASAT00 AASAT03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels
Gullfaks AASAU00 AASAU03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels
Gullfaks vs North Sea CIF Dated Brent Strip AASAV00 AASAV03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels
Alvheim ALVHA00 ALVHA03 CIF Rotterdam 12-M+1 780,000 780,000 US $ Barrels
Alvheim vs North Sea CIF Dated Brent Strip ALVHB00 ALVHB03 CIF Rotterdam 12-M+1 780,000 780,000 US $ Barrels
Asgard ASGCA00 ASGCA03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels
Asgard vs North Sea CIF Dated Brent Strip ASGCB00 ASGCB03 CIF Rotterdam 12-M+1 855,000 855,000 US $ Barrels

US Delivered Crude Europe

WTI Midland DAP basis Rotterdam AWTIC00 AWTIC03 DAP Rotterdam 20-60 days 500,000 700,000 US $ Barrels
WTI Midland DAP basis Rotterdam vs Fwd Dated Brent AWTID00 AWTID03 DAP Rotterdam 20-60 days 500,000 700,000 US $ Barrels
WTI Midland DAP basis Augusta AWTIA00 AWTIA03 DAP Augusta 20-60 days 500,000 700,000 US $ Barrels
WTI Midland DAP basis Augusta vs Fwd Dated Brent AWTIB00 AWTIB03 DAP Augusta 20-60 days 500,000 700,000 US $ Barrels
WTI Midland FOB basis Scapa Flow AWTIE00 AWTIE03 FOB Scapa Flow 10-M+1 500,000 700,000 US $ Barrels
WTI Midland FOB basis Scapa Flow vs Fwd Dated Brent AWTIF00 AWTIF03 FOB Scapa Flow 10-M+1 500,000 700,000 US $ Barrels
Eagle Ford 45 DAP basis Rotterdam AEFAC00 AEFAC03 DAP Rotterdam 20-60 days 500,000 700,000 US $ Barrels
Eagle Ford 45 DAP basis Rotterdam vs Fwd Dated Brent AEFAD00 AEFAD03 DAP Rotterdam 20-60 days 500,000 700,000 US $ Barrels
Eagle Ford 45 DAP basis Augusta AEFAA00 AEFAA03 DAP Augusta 20-60 days 500,000 700,000 US $ Barrels
Eagle Ford 45 DAP basis Augusta vs Fwd Dated Brent AEFAB00 AEFAB03 DAP Augusta 20-60 days 500,000 700,000 US $ Barrels

Brent CFDS
Brent CFD (Week 1) PCAKA00 100,000 100,000 US $ Barrels
Brent CFD (Week 2) PCAKC00 100,000 100,000 US $ Barrels
Brent CFD (Week 3) PCAKE00 100,000 100,000 US $ Barrels
Brent CFD (Week 4) PCAKG00 100,000 100,000 US $ Barrels
Brent CFD (Week 5) AAGLU00 100,000 100,000 US $ Barrels
Brent CFD (Week 6) AAGLV00 100,000 100,000 US $ Barrels
Brent CFD (Week 7) AALCZ00 100,000 100,000 US $ Barrels
Brent CFD (Week 8) AALDA00 100,000 100,000 US $ Barrels

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Specifications Guide Europe and Africa Crude Oil: March 2023

North Sea
Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM

Forward Dated Brent Curves

North Sea Dated Brent Strip AAKWH00 AAKWI00 10-M+1 US $ Barrels
North Sea CIF Dated Brent Strip AAHXE00 AAHXE03 12-M+1 US $ Barrels
Mediterranean Dated Brent Strip AALDF00 AALDG00 13-28 US $ Barrels
BTC Dated Brent Strip AAUFI00 AAUFI03 13-33 US $ Barrels
15-45 Day Dated Strip AALGM00 AALGN00 15-45 US $ Barrels
30-60 Day Dated Brent Strip AAXRK00 AAXRK03 30-60 US $ Barrels
33-63 Day Dated Brent Strip AALEJ00 AALEJ03 33-63 US $ Barrels
23-63 Day Dated Brent Strip ADBRA00 ADBRA03 20-60 US $ Barrels

Approved USGC WTI Midland Crude Oil Terminals

Terminal Location No. of Berths Maximum Draft (ft) Maximum LOA(ft) / Vessel Type No. of Tanks Storage Capacity for Crude Ownership
Oil (bbls)
Buckeye South Texas Gateway Terminal Corpus Christi, TX 2 46 1,093/VLCC 8,000,000 Buckeye Partners L.P (50%), Phillips 66 Company
(25%), Marathon Petroleum Company LP (25%)
Buckeye Texas Hub Terminal Corpus Christi, TX 1 46 900/Suezmax 1,600,000 Buckeye Partners L.P. (100%)
Eagle Ford Terminals Corpus Christi Corpus Christi, TX 2 45 922/Suezmax 4 1,260,000 Plains Marketing L.P. (50%), Enterprise Products
Operating LLC (50%)
Enbridge Ingleside Energy Center Corpus Christi, TX 3 52 VLCC 32 15,000,000 Enbridge (100%)
EPIC Crude Terminals Corpus Christi, TX 1 835/Aframax 3,440,000 EPIC Crude Holdings (100%)
Flint Hills Resources Ingleside Terminal Corpus Christi, TX 1 Suezmax 17 3,000,000 Koch Industries, Inc. (100%)
NuStar Texas North Beach Terminal Corpus Christi, TX 2 Suezmax 10 3,700,000 NuStar Logistics LP (100%)
Pin Oak Terminals Corpus Christi Corpus Christi, TX 1 47 965/Suezmax 24 2,900,000 Pin Oak Group LLC (100%)
Energy Transfer Houston Terminal Houston, TX 2 45 950/Suezmax 143 7,000,000 Energy Transfer LP (100%)
Enterprise Houston Ship Channel Terminal Houston, TX 7 45 950/Suezmax 82 23,600,000 Enterprise Products Operating LLC (100%)
Seabrook Logistics Terminal Houston, TX 2 45 910/Suezmax 24 3,996,000 Magellan OLP, L.P (50%), LBC Bayport Terminal,
LLC (50%)
Note: Terminal information provided for reference only and reflects most recent available data

© 2023 by S&P Global Inc. All rights reserved. 5

Specifications Guide Europe and Africa Crude Oil: March 2023

Sulfur content North Sea

0
Asgard

10 E
Sour Sweet Gravity 52 API | Sulfur 0.14%
Gravity >= 0.5% < 0.5%
Heavy
Dated Brent
0 to 22.3
Medium 22.4 to 31.1 Platts North Sea crude oil assessments reflect the value of
Light 31.2 and higher physical crude oil loading 10 days forward from the date of
publication to one full month ahead. The assessed date range
will typically stretch to the equivalent date of the following
month. In practice this means, for example, that on May 1, 2020,
the assessment range for North Sea crude assessments will
be May 11-June 1. As a result, the precise number of days in
NORWAY
the Dated Brent assessment will vary depending on the length
Statfjord Troll
SWEDEN of the pricing month. North Sea crude grades are generally
Gravity 39.3 API | Sulfur 0.25%
60 N
Gravity 35.9 API | Sulfur 0.14% traded either as a differential to Dated Brent or as a differential
Brent
Johan Sverdrup to the Cash Brent-Forties-Oseberg-Ekofisk-Troll (Cash BFOE)
Gravity 28 API | Sulfur 0.8%
Gravity 37.5 API | Sulfur 0.4% derivatives contract.
Gullfaks
Gravity 37.5 API | Sulfur 0.26% Grane Blend
Oseberg
Gravity 37.8 API | Sulfur 0.25%
Gravity 27.5 API | Sulfur 0.64% Platts publishes both an outright Dated Brent assessment
E U R O P E and a differential assessment to forward Dated Brent. Platts
Flotta Gold
Gravity 36.2 API | Sulfur 0.98% Dated Brent assessments reflect the most competitive value
Alvheim of physical Brent, Forties, Oseberg, Ekofisk, and Troll (physical
Gravity 34.9 API | Sulfur 0.17%
BFOE) on every single date of the assessment range, with the
absolute values of Oseberg, Ekofisk, and Troll adjusted by the
Quality Premium. In this way, Dated Brent can reflect any one,
or more, of the five grades in the total BFOE basket across the
North Sea assessment period.

Example: For an assessment range of April 14 to May 4, Forties

is the lowest assessed crude grade of the five BFOE grades
Forties
Gravity 38.7 API | Sulfur 0.64% from April 14 to April 23, but Brent/Ninian Blend (BNB) is lower
than Forties from April 23 to May 4. Dated Brent would thus
UNITED KINGDOM
DENMARK reflect the value of Forties April 14-23, but the value of BNB for
UK
the balance of the assessed period.
DUC
Gravity 33.5 API | Sulfur 0.25%
Ekofisk The Dated Brent assessment reflects volume loaded FOB at
Gravity 38.5 API | Sulfur 0.19%
each respective loading terminal. Platts considers bids and
offers that specify a minimum three-day loading laycan. If a
Source: S&P Global Commodity Insights buyer bids for a loading date range of more than three days,
the seller must specify a three-day laycan at the time of trade.

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Specifications Guide Europe and Africa Crude Oil: March 2023

Conversely, if a seller offers a loading date range of more than Should a firm CIF Rotterdam offer for any of Brent, Forties, BFOE grade reflect delivery dates rather than loading dates
three days, the buyer must also specify the three-day laycan at Oseberg, Ekofisk, or Troll – after adjusting for freight, port fees and include any relevant freight costs and quality premiums.
the time of trade. and sailing time – be more competitive than a comparable bid WTI Midland is reflected in the Dated Brent assessment on a
for those grades on an FOB basis, the CIF Rotterdam offer would CIF differential basis only, and is not adjusted for freight costs
Platts also considers offers for, and any resulting transactions take precedence in the final assessment of Dated Brent on the or quality premiums. Platts publishes outright and differential
of, recently loaded physical BFOE crude oil via ship-to-ship loading dates in question. CIF Rotterdam WTI Midland offers are assessments for each of the six crude grades reflected in Dated
(STS) transfers at Scapa Flow in Scotland, provided the seller not reflected in FOB Dated Brent. Brent CIF Rotterdam.
agrees to cover all additional costs incurred by the buyer lifting
oil on an STS basis. Offers on an STS basis at Scapa Flow must The FAF is calculated from the 10-day rolling freight average of Incoterms: Platts reflects delivered cargo bids and offers using
be submitted before 15:45:00 London time for inclusion in the the Dirty Cross-UK/Continent 80,000 mt freight assessment CIF, or other relevant incoterms such as DES, DAP and CFR
Platts MOC assessment process and must include a named as published in Platts Dirty Tankerwire and in the Platts Pricing where this is a recognized part of a company’s regular trading
vessel. In all STS deliveries, the quality of the supplied crude oil Database under code TDUUW00. The FAF is published ahead activity. Platts does not reflect delivered cargo bids and offers
must be congruent with the quality recorded at the time of its of the assessment for which they will be used at 11 am London using Notice Of Readiness (NOR).
original FOB loading. time. A factor of 80% will be applied for all BFOE cargoes for the
following five freight routes: Assessment Range: The Dated Brent CIF Rotterdam assessment
As of cargoes loading from November 1, 2019, Platts also reflects reflects delivery dates between 12 days and one month from
competitive offers for Brent, Forties, Oseberg, Ekofisk, and Troll Sullom-Voe to Rotterdam the date of publication. Platts will accept bids and offers for
cargoes on a CIF Rotterdam basis in its Dated Brent crude oil publication where the first date of the indication falls on any
benchmark through the use of the Freight Adjustment Factor Hound Point to Rotterdam date within this period. Platts publishes bids and offers for
(FAF). Offers should be of a maximum laycan of five days, to be a five-day delivery range, and for a longer range in which the
narrowed to three days at time of nomination, which should be Sture to Rotterdam counterpart narrows the five-day delivery range at the time of
seven full calendar days ahead of the first day of the original trade.
delivery laycan. Requests to convert a CIF trade to an FOB basis Teesside to Rotterdam
should be mutually agreed between the two counterparties. Pricing: Platts publishes bids, offers and trades pricing on a
Mongstad to Rotterdam 2-1-2 around deemed Bill of Lading (B/L) basis as standard.
Platts reflects full 600,000 barrel Aframax cargoes with an Platts continues to publish market information pricing five days
operational tolerance of plus or minus 1% in its FOB STS from Completion of Discharge (COD) but no longer includes that
Dated Brent CIF Rotterdam
Scapa Flow and Dated Brent CIF Rotterdam assessments, but information in its MOC assessment process. Platts understands
includes Aframax cargoes with a minimum stated volume of Platts publishes assessments for Dated Brent and the five that North Sea trading typically uses Dated Brent as a pricing
580,000 barrels and an operational tolerance of plus/minus 1%. physical BFOE grades on a CIF Rotterdam basis, reflecting the basis, but also reflects outright price indications and those based
Offers with a volume less than 600,000 barrels must meet the value of North Sea crude oil delivered at Rotterdam between on Cash BFOE and ICE Brent Futures. Platts will publish bids,
minimum volume requirement of 580,000 barrels plus/minus 1% 12 days and one month ahead. As of cargo deliveries from July offers and trades using these and other reasonable pricing terms.
and continue to reflect the standard cargo quality for that grade. 1, 2022, onwards, Platts also reflects WTI Midland in its Dated
Offers and trades with a volume less than 600,000 barrels may Brent CIF Rotterdam assessment. Platts currently publishes For the purposes of the FOB Dated Brent assessment, Platts
be subject to normalization for assessment purposes. These Dated Brent CIF Rotterdam as both an outright price and will calculate Brent, Forties, Oseberg, Ekofisk, and Troll CIF
volume guidelines replace the mother/daughter ship restrictions a differential based on the lowest-priced grade of Brent, Rotterdam indications back to a deemed B/L. Platts views
on FOB STS Scapa Flow and CIF Rotterdam cargo offers in the Forties, Oseberg, Ekofisk, Troll, and WTI Midland delivered to standard journey time between point of loading and Rotterdam
Dated Brent Market on Close assessment process, effective Rotterdam for each day in the assessment period. The CIF as one day for Forties (Hound Point) and Ekofisk (Teesside) and
April 21, 2021. Rotterdam assessments for Dated Brent and each individual two days each for Brent (Sullom Voe), Oseberg (Sture) and Troll

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Specifications Guide Europe and Africa Crude Oil: March 2023

(Mongstad.) In practice this means that a CIF Rotterdam Forties for 600,000-barrel CIF basis Rotterdam BFOE cargoes with publishing days prior to the first day of the original delivery
offer will be moved back one day from the first day of the an operational tolerance of 1% in the seller’s option, minimum window to calculate the demurrage owed. These guidelines
original delivered laycan or two days from the mid-point of the stated volumes of 580,000 with an operational tolerance of will be applicable to operational delays or any other instances
first narrowed three-day laycan. Platts will view all Dated Brent 1% in the seller’s option as well as fixed-volume cargoes of requiring demurrage calculations.
CIF Rotterdam indications, once priced back to deemed B/L, as between 594,000 and 606,000 barrels. WTI Midland cargoes
pricing 2-1-2 around the deemed B/L. For example, an offer of of between 500,000 barrels and 700,000 barrels with an Buyers requesting deviation should not be harmed by higher
Oseberg CIF Rotterdam delivering February 3-7 would be viewed operational tolerance +/- 5% may be bid or offered in the freight rates stemming from vessels chartered earlier than
for the purposes of assessment of having a B/L date of February Market on Close assessment process, but may be normalized this window for a given delivery range. If no mutual agreement
1. Consequently, pricing would be viewed as the average of the back to the 600,000 barrel standard. Operational tolerance will is reached for freight deviation costs, Platts expects
Dated Brent assessments for January 30, January 31, February 1, be determined by volume at the loading port, rather than at counterparties to use the average of the cross-UK-Continent
February 2 and February 3. the delivery port. Platts expects that any disputes arising from 80,000 mt Aframax assessment as published in Platts Dirty
volume loss, such as evaporation or clingage, in the transfer of Tankerwire 10 to 12 publishing days prior to the first day of the
Previously-loaded oil: Platts reflects the delivery of pre-loaded crude from the loading terminal to discharge port, would be original delivery window. The lower of either the charterparty
oil that has not gone back into land-based storage, provided settled according to accepted market practice. or the natural fixing window should be used to determine any
it meets all other Platts guidelines and the seller covers any reasonable cost of deviation.
reasonable additional costs incurred by the buyer. However, oil Charterparty: The Dated Brent CIF Rotterdam assessment
sourced from land-based storage other than the original loading reflects deliveries in the UK Continent (UKC) range from Effective January 3, 2023, Platts will use the corresponding
terminal will not be included. Gibraltar up to but not including the Baltic Sea. Platts typically Worldscale flat rates per metric ton for the following routes
views the Oresund Bridge, joining Denmark and Sweden, as the in the calculation of Dated Brent CIF Rotterdam. Rates to
Title and risk pass from a seller to a buyer at 00:01 London time eastern extent of this range. All vessels nominated to perform Rotterdam from Sullom Voe (Brent), Hound Point (Forties),
on a deemed B/L ahead of the first day of the narrowed, three- on trades reported in the Dated Brent CIF Rotterdam MOC Sture (Oseberg), Teesside (Ekofisk), and Mongstad (Troll). The
day delivery window. In the case of Forties and Ekofisk, this is assessment process should carry the appropriate charterparty Rotterdam port charge used will be 14 cents/b.
one day from the first day of the narrowed delivery laycan. In the options to deliver within this stated range. A buyer may
case of Oseberg, Brent and Troll, this is two days from the first request additional options from a seller at any time, and these Vessel acceptance: Offers may be made with a named or
day of the narrowed delivery laycan. requests must be passed on to the shipowner. A seller cannot unnamed ship. If a seller offers with a named vessel, then a
unreasonably withhold a request for additional options beyond buyer can buy subject to vetting approval and if rejected, the
Nomination: The seller must nominate the three-day delivery those required in the Platts MOC process. deal will not be finalized. For assessment purposes, Platts will
window and performing vessel name at least seven clear review the quality of the vessel to determine if it should be
calendar days ahead of the first day of the originally-traded five- Freight and Deviation: Platts has determined that the “natural considered in the assessment process. For an unnamed ship,
day delivery range. For example, where the original traded range fixing window” for Aframax vessels in the North Sea market is the seller has the responsibility to meet the reasonable vetting
is March 11-15, the seller must nominate the three-day delivery between 7 and 21 days prior to the first date of delivery. Buyers requirements of a typical market participant in that region. The
laycan and vessel by close of business on March 3. If March 3 is should not be harmed by demurrage costs incurred by the seller is entitled to substitute the vessel with another meeting
not a working day, then nomination should take place by close of vessel charterer outside of typical market rates and practices or exceeding the same approvals at any reasonable time before
business on the previous working day. FOB cargoes nominated prevailing at the time of this window. Demurrage should be delivery of the cargo. The buyer should not be financially harmed
against CIF MOC trades may still be considered available for FOB relevant to the first day of the narrowed delivery laycan range. by the seller’s choice to substitute a vessel.
bids, offers and trades within the Dated Brent MOC assessment Where no mutual agreement is reached for demurrage costs,
process, provided there are no pertinent supply limitations. Platts will expect counterparties to use the average of the De-escalator and quality premiums: The De-Escalator and
cross-UK Continent 80,000 mt Aframax demurrage assessment Quality Premiums apply on a deemed B/L basis. For example,
Operational Tolerance: Platts reflects bids, offers and trades [AMEDA00] as published in Platts Dirty Tankerwire 10 to 12 if a cargo of Forties is due to be delivered December 1-3, the

© 2023 by S&P Global Inc. All rights reserved. 8

Specifications Guide Europe and Africa Crude Oil: March 2023

deemed B/L will be November 30 and the de-escalator applied „ Cargo date nominations are declared at least one month in Operational tolerance: Platts assessments reflect cargoes
will be from November. Similarly, if an Oseberg cargo is due for advance. with operational tolerance of plus or minus 1% in line with
delivery January 2-4, then the deemed B/L will be December market standards. In the event a cargo trades as a result
31 and the Quality Premium to apply will be from December. „ Cargoes load under normal terms and conditions. Typically, of a Cash BFOE obligation through the chaining process,
Delivery into ports other than Rotterdam: Other reasonable Forties cargoes are loaded under BP’s terms and conditions, Platts understands that the final buyer in this market has the
delivery ports within NWE may be nominated, with the buyer Brent cargoes are loaded under Shell’s terms and conditions, obligation to declare tolerance. In the event the final holder of
covering all reasonable incremental delivery costs. Platts may Oseberg cargoes are loaded under Equinor’s terms and a chained Cash cargo declares tolerance, Platts would then
normalize bids and offers for ports other than Rotterdam. conditions, Ekofisk under ConocoPhillips’ terms and expect this cargo to be sold fixed volume.
conditions and Troll under Equinor’s terms and conditions.
Vessel Options: Platts will not publish CIF Rotterdam bids In the event a cargo is loaded STS, the terms and conditions
Cash BFOE and derivatives
containing STS options. All available charterparty options, from the original loading should apply.
including STS options, should be passed on to the buyer. All Platts assesses three forward months of Brent/BFOE EFPs
requests beyond these should be passed on by the seller to „ Bids and offers for Cash BFOE published during the Platts (exchange for physical). The relevant assessment deltas refer
the shipowner. The performing vessel must meet the vetting MOC reflect transactions of 100,000 barrel partials. If the to the corresponding month of Platts Brent/BFOE spot price
conditions of a reasonable buyer and the physical limitations of same two counterparties transact six partials of 100,000 assessments.
port, e.g. draft, beam, etc. barrels in one direction, the transactions may converge into
one physical Cash BFOE cargo of 600,000 barrels. If any Platts assesses three forward months of Brent/WTI cash
position between two counterparties amounts to less than spreads. The assessments reflect market value at 16:30 London
Cash BFOE
600,000 barrels after all convergences have been settled, the time.
Platts assesses and publishes three forward Cash BFOE position is understood to be financially settled, unless both
contracts. In its assessments, Platts considers Cash BFOE counterparties mutually agree to deliver/take delivery of a In addition to the North Sea assessments produced at 16:30
bids, offers and trades where the buyer is willing to accept smaller cargo. Platts reflects partial contracts that settle on London time, Platts also assesses Cash BFOE for other
the nomination of Brent, Forties, Oseberg, Ekofisk or Troll fallback day. Fallback day typically refers to the day before the timestamps in assessments known as intradays. Platts will
crude loading in the North Sea by the seller upon physical expiry of the relevant contract month – the M1 assessment. publish bids, offers and intentions to trade for cash BFOE
performance of the trade. Effective from the settlement period for the July 2020 Cash partials or cargoes for each intraday assessment timestamp.
BFOE contract, Platts only publishes bids and offers for full The assessments reflect the prevailing value for Cash BFOE
Each BFOE assessment reflects the outright price of a cargo 600,000 barrel Cash BFOE cargoes or spreads for M1 on at 10:30, 12:30 and 14:30 London time every publishing day.
with physical delivery during the specified contract month. fallback day and expiry day. On settlement day for the ICE Brent futures contract, Platts
The daily assessment reflects the tradeable value for both additionally publishes an assessment at 19:30 London time.
full (600,000 barrel) and partial (100,000 barrel) cargoes in the „ Example: If the same two counterparties trade six partial
month-ahead Cash BFOE market. The minimum volume Platts contracts in one direction for the same delivery month in Platts publishes these assessments for outright values of Cash
considers in its daily Cash BFOE assessments is 100,000 barrels the Platts MOC process, the partials may converge into a full BFOE Month 1, Month 2, and Month 3. Platts also publishes
per transaction, reflecting standard market practice. All aspects physical cargo of 600,000 barrels for loading any day in that differential values for Cash BFOE Month 1/Month 2 and Month
of the BFOE assessment methodology were developed by Platts month. However, if the two counterparties trade only five 2/Month 3 spreads.
and are proprietary to Platts. partials, then the financial settlement of the 500,000 barrels
is based on the Platts Cash BFOE assessment published on Since all partial cargoes will have converged and settled by
Bids, offers and transactions for Cash BFOE may be used the relevant contract month’s fallback day, unless otherwise 16:30 London time on expiry day, the 19:30 assessment reflects
for assessment purposes provided they meet the following mutually agreed. the value of full, 600,000 barrel cash BFOE cargoes trading in
conditions: the period after the market close in London.

© 2023 by S&P Global Inc. All rights reserved. 9

Specifications Guide Europe and Africa Crude Oil: March 2023

pricing relative to the forward Dated Brent market. These strips Platts updates the de-escalator at 15:00 London time on the
Brent CFDs
vary in length and pricing period depending on the crude market 25th of the month prior to the month of implementation. In
Brent CFDs (Contract For Difference) derivatives are short–term being assessed. Platts determines forward Dated Brent values cases where the 25th of the month is a non-working day in the
swaps, assessed by Platts for each of eight weeks ahead of the by looking at forward swaps contracts such as BFOE CFDs and UK, the de-escalator is announced on the closest business
current date. They represent the market differential between BFOE DFLs in order to derive the forward Dated Brent curve. day prior to the 25th. For example, the de-escalator for June
the Dated Brent assessment and a forward month Cash BFOE 2020 will be announced on the 25th of May, at 15:00 London
assessment, over the stated period of the swap. For example, the Platts Northwest European Urals assessment time.
reflects cargoes loading 10-25 days forward, with cargoes
Between Monday and Wednesday each week, Platts assesses the typically pricing on an average of Platts Dated Brent Platts publishes the value of the de-escalator for the
balance of the same week as the first CFD contract. On Thursday, assessments over five publication days after loading. In order month ahead whether or not the value of the de-escalator
the balance-week CFD is no longer deemed sufficiently liquid to assess the outright value of a cargo of Urals loading in the has changed. Platts publishes the editorial basis for the
for the assessment, and the curve rolls forward to the following future, Platts uses an average of the forward Dated Brent curve determination of the de-escalator level on its website. (https://
week. For example, on Monday March 2, 2020, the first CFD week 13-28 days forward. The outright price assessment for Urals in www.spglobal.com/platts/en/our-methodology/subscriber-
assessed by Platts would be the balance week, or March 2-6. On Northwest Europe is therefore that day’s assessed differential notes)
Thursday, March 5 this rolls and the first week assessed would be to Dated Brent plus the value of the forward Dated Brent curve
March 9-13. Assessments are expressed as a differential to the 13-28 days after the date of publication. The sulfur level in any sulfur-related payment should be
second Cash BFOE contract month (ie M2). For example: Brent established to three significant figures, and the test used to
CFD assessments on July 3 would be assessed relative to the M2 determine this should be the ASTM-D2622. Forties cargoes and
Forties and the de-escalator
contract or October Cash BFOE. The referenced cash contract all related instruments, including Cash BFOE - bid or offered
rolls forward on the first pricing day of each month. Prior to July The assessment for Forties Blend is FOB Hound Point, UK. Since through the Platts system must adhere to this standard.
1, 2017 S&P Global Platts assessments were expressed as a the start-up of the heavier and more sulfurous Buzzard field
differential to the first Cash BFOE contract month (ie M1). in January 2007, the quality of Forties can vary substantially Platts will consider in its assessments bids, offers and deals
depending on the percentage of Buzzard crude in the blend at where a de-escalator for every 0.1% of sulfur is specified. For
Platts reflects CFD bids, offers and trades of 100 lots (100,000 any given time. Platts’ Forties assessments reflect a crude blend example: under a de-escalator of 20 cents/barrel the seller
barrel clips), in line with standard market practice. with a minimum API of 37 degrees and a maximum of 0.6% sulfur would pay the buyer this compensatory amount for every 0.1% of
content. Because of the variability of the Forties Blend, Platts also sulfur over 0.6% on a pro-rata basis, as follows:
The assessment reflects the observed contango or backwardation utilizes a quality de-escalator, published monthly, to be applied
in both the differential and the forward CFD markets. to any cargo deliveries exceeding the base standard of 0.6% sulfur. „ 0.600% No payment to buyer

The de-escalator value applies to all Forties crude oil delivered „ 0.625% Seller pays 5 cents/barrel to buyer (*0.25)
Forward Dated Brent Strips
after its introduction July 2, 2007. Prevailing rates are as
Physical cargoes of crude oil typically trade as a differential to a published in the Platts Crude Oil Marketwire. When reviewing „ 0.650% Seller pays 10 cents/ barrel to buyer (*0.5)
benchmark, with pricing calculated at or near the time of loading. the value of the de-escalator, Platts studies evidence of
significant and sustained changes in the oil markets including, „ 0.700% Seller pays 20 cents/ barrel to buyer (1)
In the physical North Sea, Urals, Mediterranean and West but not limited to, shifts in the refined product markets, the
African crude oil markets, Platts calculates outright values by relative value of sweet/sour and light/heavy crude grades, „ 0.800% Seller pays 40 cents/ barrel to buyer (*2.0)
applying an assessed differential versus the forward Dated outright price changes, geopolitical and macroeconomic events,
Brent market. Platts uses a variety of different forward Dated and other relevant factors that may influence the refinery „ 0.900% Seller pays 60 cents/ barrel to buyer (*3.0)
Brent strips to determine the outright value of different crudes economics of processing Forties.

© 2023 by S&P Global Inc. All rights reserved. 10

Specifications Guide Europe and Africa Crude Oil: March 2023

Midland-to-ECHO 2, Midland-to-ECHO 3, Permian Express,

Quality Premiums Other North Sea grades
and Wink-to-Webster. Platts will accept bids and offers for WTI
Quality Premiums (QPs) are to be paid by a buyer to a seller for Statfjord: Platts assesses Statfjord crude oil on an FOB- Midland loading from other origin points, but these must be
the nomination and delivery of Oseberg, Ekofisk or Troll into platform and a CIF Rotterdam basis. specified in the Terms, Qualities and Conditions and may be
a Cash BFOE transaction concluded during the Platts MOC subject to normalization.
assessment process. These escalators are also considered in Gullfaks: Platts assesses Gullfaks on a CIF Rotterdam basis.
the Platts assessment process for Dated Brent, and related Approved USGC Terminals: For cargoes of WTI Midland crude
instruments. Asgard: Platts assesses Asgard on a CIF Rotterdam basis. to be reflected in the Dated Brent and Cash BFOE assessment
process, sellers are required to nominate loading from one
Platts publishes QPs for Oseberg, Ekofisk, and Troll crude oil. Alvheim: Platts assesses Alvheim on a CIF Rotterdam basis. of the USGC terminals that are approved for the Platts MOC
QPs are currently published for two months ahead: the month of process. The list of approved terminals is provided in a table on
publication and the following month. Physical Oseberg, Ekofisk, Flotta Gold: Platts assesses Flotta Gold, formerly known as page 5 of this guide.
and Troll cargoes use the relevant QP to the month in which the Flotta, loading FOB Flotta terminal.
cargo loads. For example, July QPs apply to cargoes which load Platts routinely reviews the infrastructure reflected
in July. Grane Blend: Platts assesses Grane Blend, loading FOB Sture. in its price assessment processes and may take into
consideration an array of issues including, but not limited to,
Platts does not reflect any QP for Brent or Forties crude Johan Sverdrup: Platts assesses Johan Sverdrup, loading FOB operations and logistics. These reviews ensure the suitability
oil in its assessment process. QPs are intended to increase Mongstad. of data that is used to formulate Platts’ end-of-day price
the relevance of higher valued crudes to Brent, the basis assessments.
crude, while instruments like de-escalators are intended to DUC: Platts assesses DUC (Dansk Underground Consortium)
heighten the relevance of lower quality (i.e. sourer) crudes to loading FOB Fredericia. All WTI Midland sold in the Platts MOC should meet the
Brent. following specifications and not contain any previously cracked
North Sea Basket: This is a straight average of the assessed or refined material.
Platts announces QPs on the first publishing day of each month, value of Brent/Ninian Blend, Forties, Oseberg, and Ekofisk.
one full month in advance of the escalators coming into effect. Platts WTI Midland specifications: Platts global suite of WTI
For example: Platts would announce Oseberg, Ekofisk and Troll Platts European Sour Crude Index: This assessment is a assessments, including both pipeline and cargo, reflect the
escalators for June-loading cargoes on the first business day weighted average of three long-established Platts assessments following Platts WTI Midland specifications.
of May. This calendar is closely aligned with existing trading of the North Sea’s higher-sulfur crude streams: Johan Sverdrup,
practices. For example: the QP announced on May 1 will reflect Grane, and Flotta Gold. The weighting of the grades in the Platts Sulfur: 0.2% or less by weight as determined by ASTM Standard
assessments conducted between April 1 and April 30. The ability European Sour Crude Index is as follows: Johan Sverdrup 65%, D-4294;
to adjust QPs around each trading cycle makes them more Grane 30% and Flotta Gold 5%.
reflective of current price trends in the broader physical oil Gravity: Not less than 40 degrees American Petroleum Institute
markets. (API), nor more than 44 degrees API as determined by ASTM
US crude in Europe
Standard D5002;
QPs are published at 60% of the net price differences between Platts assesses WTI Midland crude supplied directly from the
Oseberg, Ekofisk and Troll, and the most competitive grade of Permian Basin on one or more of the following designated Mercaptans: 75 parts per million (ppm) or less as determined by
crude among Brent, Forties, Oseberg, Ekofisk and Troll for the pipelines along the US Gulf Coast: BridgeTex, Cactus I, ASTM Standard UOP-163;
full month prior to announcement. Cactus II, EPIC, Gray Oak, Longhorn, Midland-to-ECHO 1,

© 2023 by S&P Global Inc. All rights reserved. 11

Specifications Guide Europe and Africa Crude Oil: March 2023

Iron: 10 ppm or less as determined by ASTM Standard D5708 Approved USGC WTI terminals in Dated Brent
Method B;

Vanadium: 2 ppm or less as determined by ASTM Standard

D5708 Method B; LOUISIANA
Houston
Area enlarged
Nickel: 2 ppm or less as determined by ASTM Standard D5708 TEXAS
Method B;

Vapor pressure: Less than 9.5 pounds per square inch at 100F
and 4:1 V/L ratio as determined by ASTM Standard D6377; Houston
CHAMBERS
COUNTY
Basic Sediment, water and other impurities: Less than 1% as
Energy Transfer
determined by ASTM Standard D4007. Corpus Christi Enterprise Houston
Area enlarged Ship Channel
2
DAP
HARRIS
Platts assesses cargoes of WTI Midland and Eagle Ford COUNTY
45 Delivered At Place (DAP) basis Rotterdam and Augusta
20-60 days after date of publication on both an outright Seabrook yB
ay
Logistics Trinit
pricing basis and as a differential to Dated Brent. Other
5 mi
reasonable delivery ports within Northwest Europe and the
5 km
Mediterranean may be nominated, with the buyer covering
all reasonable incremental delivery costs. Platts reflects a US
standard Aframax cargo size of around 600,000 barrels with ME Corpus Christi
XICO
an operational tolerance +/- 5%, although cargoes of between
SAN PATRICIO
500,000 barrels and 700,000 barrels may be bid or offered in Gulf of Mexico COUNTY
the Platts Market on Close assessment process, normalized
back to a 600,000 barrel standard. These assessments are
priced 5 days after date of delivery. The assessments reflect N u e c e s B ay Enbridge Ingleside
Energy Center
market standard payment terms, understood to be 30 days Buckeye Eagle
Ford
from bill of lading, which is equivalent to around 10 days from Flint Hills
completion of discharge. Pin Oak NuStar Resources
EPIC
Crude North Beach Buckeye South
Co Texas Gateway
rpu
Platts assesses a standard Eagle Ford 45 quality. While Platts NUECES s Ch
risti Bay
understands that quality of US crude exports may be variable, COUNTY

Platts also understands that the market has evolved to manage

this variability.

Source: S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 12

Specifications Guide Europe and Africa Crude Oil: March 2023

deliver range in which the seller grants the right to narrow the Freight adjustment factor (FAF): Platts uses a freight
CIF
five-day delivery range to the buyer. A price taker must narrow adjustment factor for WTI Midland, in line with the factors
Platts assesses cargoes of WTI Midland CIF basis Rotterdam any wider laycan to five days at the time of trade. for current North Sea CIF Rotterdam grades, at 80% of
on a 12 days to month-ahead basis on both an outright pricing the relevant freight rate. Platts publishes a 10-day rolling
basis and as a differential to Dated Brent. As of cargo deliveries Bids and offers in the Platts Market on Close assessment freight average the day before each day’s Market on Close
from July 1, 2022, onwards, Platts also reflects WTI Midland in process reflect a “buyer’s acceptable” standard. Offers may assessment process, to ensure the freight factor is fully
its Dated Brent CIF Rotterdam assessment. Platts reflects a be made either on a named vessel or on a buyer’s acceptable known before the assessment process begins. For WTI
standard Aframax cargo size of around 600,000 barrels with basis. If a seller offers on a named vessel, then a buyer can lift Midland FOB Scapa Flow, this would be based on its 10
an operational tolerance +/- 5%, although cargoes of between that cargo subject to vessel approval and, if rejected for a viable previous assessments of the Dirty Cross-UK/Continent 80,000
500,000 barrels and 700,000 barrels may be bid or offered in reason, the deal will not be finalized. mt Worldscale freight assessment, applied to the Scapa Flow-
the Platts Market on Close assessment process, normalized Rotterdam Worldscale flat rate.
back to a 600,000 barrel standard. Platts understands that
FOB Scapa Flow
delivered US crude trading in Europe typically uses Dated Brent Effective January 3, 2023, Platts will use the corresponding
as a pricing basis, but also reflects outright price indications Platts also assesses cargoes of WTI Midland on a FOB Scapa Flow Worldscale flat rate per metric ton for the following route in
and those based on Cash BFOE and ICE Brent Futures. Platts basis. This assessment is published as both an outright price the calculation of WTI Midland FOB Basis Scapa Flow. Rate to
publishes bids, offers and trades using these and other and as a differential to Dated Brent for 600,000 barrel cargoes Rotterdam from Scapa Flow. The conversion factor for the FOB
reasonable pricing terms. Platts publishes bids, offers and loading FOB from the ship-to-ship [STS] area at Scapa Flow 10 Scapa Flow assessment is 7.80, in line with the existing Platts
trades pricing on a 2-1-2 around deemed Bill of Lading (B/L) days forward from date of publication to one month ahead. The WTI Midland assessment [PCACJ00]. The Rotterdam port charge
basis as standard. For assessment purposes Platts calculates assessment reflects bids, offers and trades for WTI Midland FOB used will be 14 cents/b.
WTI Midland CIF Rotterdam indications back to a deemed B/L Scapa Flow, as well as DAP Rotterdam adjusted for freight. Should
two days before the first day of the original bid or offered laycan a firm DAP Rotterdam offer for WTI Midland -- after adjusting for Pricing basis: Platts publishes assessments for WTI FOB Scapa
date. Title and risk pass from a seller to a buyer at 00:01 London freight, port fees and sailing time -- be more competitive than Flow as an outright price and as a spread to Dated Brent.
time two days ahead of the first day of the narrowed, three-day a comparable bid for the grade on an FOB Scapa Flow basis, Platts may publish bids and offers on an outright price basis,
delivery window. Where applicable, the existing Dated Brent CIF the DAP Rotterdam offer would take precedence in the final or as a differential to Cash BFOE or any commonly used pricing
Rotterdam methodology guidelines apply. assessment of WTI Midland on the loading dates in question. In mechanism including ICE Brent futures.
the absence of prompt market information, Platts assesses WTI
Platts will publish bids for a minimum five-day delivery range Midland FOB basis Scapa Flow as a differential to its existing DAP Volume: The WTI FOB Scapa Flow assessment reflects a typical
and for a longer delivery range in which the buyer grants the Rotterdam WTI Midland assessment, accounting for the difference Aframax cargo of 600,000 barrels with +/-1% operational
right to narrow the five-day delivery range to the seller. Platts in market structure, and deducting the cost of freight from Scapa tolerance at buyer’s option.
will publish offers for a five-day delivery range, and for a longer Flow to Rotterdam using a freight adjustment factor.

© 2023 by S&P Global Inc. All rights reserved. 13

Specifications Guide Europe and Africa Crude Oil: March 2023

West Africa
Assessment Code Mavg Pavg Wavg Contract Basis Location Delivery Period Min Size Max Size Currency UOM

Nigeria
Bonny Light PCAIC00 PCAIF03 FOB Bonny Terminal 25-55 days 950,000 950,000 US $ Barrels
Bonny Light vs 30-60 day Dated Brent Strip AAGXL00 AAGXM00 FOB Bonny Terminal 25-55 days 950,000 950,000 US $ Barrels
Qua Iboe PCAID00 PCAIG03 FOB Qua Iboe Terminal 25-55 days 950,000 950,000 US $ Barrels
Qua Iboe vs 30-60 day Dated Brent Strip AAGXN00 AAGXO00 FOB Qua Iboe Terminal 25-55 days 950,000 950,000 US $ Barrels
Brass River AAEJB00 AAEJC00 FOB Brass River Terminal 25-55 days 950,000 950,000 US $ Barrels
Brass River vs 30-60 day Dated Brent Strip AAGXV00 AAGXW00 FOB Brass River Terminal 25-55 days 950,000 950,000 US $ Barrels
Escravos AAEIZ00 AAEJA00 FOB Escravos Terminal 25-55 days 950,000 950,000 US $ Barrels
Escravos vs 30-60 day Dated Brent Strip AAGXR00 AAGXS00 FOB Escravos Terminal 25-55 days 950,000 950,000 US $ Barrels
Forcados PCABC00 PCABC03 FOB Forcados Terminal 25-55 days 950,000 950,000 US $ Barrels
Forcados vs 30-60 day Dated Brent Strip AAGXP00 AAGXQ00 FOB Forcados Terminal 25-55 days 950,000 950,000 US $ Barrels
Agbami AAQZB00 AAQZB03 FOB Agbami FPSO 25-55 days 975,000 975,000 US $ Barrels
Agbami vs 30-60 day Dated Brent Strip AAQZC00 AAQZC03 FOB Agbami FPSO 25-55 days 975,000 975,000 US $ Barrels
Akpo PCNGA00 PCNGA03 FOB Akpo FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels
Akpo vs 30-60 day Dated Brent Strip PCNGB00 PCNGB03 FOB Akpo FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels
Bonga PCNGC00 PCNGC03 FOB Bonga FPSO 25-55 days 975,000 975,000 US $ Barrels
Bonga vs 30-60 day Dated Brent Strip PCNGD00 PCNGD03 FOB Bonga FPSO 25-55 days 975,000 975,000 US $ Barrels
Usan AAXUQ00 AAXUQ03 FOB Usan FPSO 25-55 days 950,000 950,000 US $ Barrels
Usan vs 30-60 day Dated Brent Strip AAXUR00 AAXUR03 FOB Usan FPSO 25-55 days 950,000 950,000 US $ Barrels
Erha AAXUO00 AAXUO03 FOB Erha FPSO 25-55 days 950,000 950,000 US $ Barrels
Erha vs 30-60 day Dated Brent Strip AAXUP00 AAXUP03 FOB Erha FPSO 25-55 days 950,000 950,000 US $ Barrels
Egina AFONA00 AFONB03 FOB Egina FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels
Egina vs 30-60 day Dated Brent Strip AFONB00 AFONA03 FOB Egina FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels

Angola
Cabinda PCAFD00 PCAFD03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels
Cabinda vs 30-60 day Dated Brent Strip AAGXT00 AAGXU00 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels
Nemba AAQYZ00 AAQYZ03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels
Nemba vs 30-60 day Dated Brent Strip AAQZA00 AAQZA03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels
Girassol AASNL00 AASNL03 FOB Girassol FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels
Girassol vs 30-60 day Dated Brent Strip AASJD00 AASJD03 FOB Girassol FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels
Hungo AASLJ00 AASLJ03 FOB Kizomba A FPSO 25-55 days 950,000 950,000 US $ Barrels
Hungo vs 30-60 day Dated Brent Strip AASJF00 AASJF03 FOB Kizomba A FPSO 25-55 days 950,000 950,000 US $ Barrels
Kissanje AASLK00 AASLK03 FOB Kizomba B FPSO 25-55 days 950,000 950,000 US $ Barrels
Kissanje vs 30-60 day Dated Brent Strip AASJE00 AASJE03 FOB Kizomba B FPSO 25-55 days 950,000 950,000 US $ Barrels
Dalia AAQYX00 AAQYX03 FOB Dalia FPSO 25-55 days 950,000 950,000 US $ Barrels
Dalia vs 30-60 day Dated Brent Strip AAQYY00 AAQYY03 FOB Dalia FPSO 25-55 days 950,000 950,000 US $ Barrels
Pazflor PCNGG00 PCNGG03 FOB Pazflor FPSO 25-55 days 950,000 950,000 US $ Barrels
Pazflor vs 30-60 day Dated Brent Strip PCNGH00 PCNGH03 FOB Pazflor FPSO 25-55 days 950,000 950,000 US $ Barrels
Plutonio PCNGI00 PCNGI03 FOB Greater Plutonio FPSO 25-55 days 950,000 950,000 US $ Barrels
Plutonio vs 30-60 day Dated Brent Strip PCNGJ00 PCNGJ03 FOB Greater Plutonio FPSO 25-55 days 950,000 950,000 US $ Barrels

Regional West Africa

Djeno PCNGE00 PCNGE03 FOB Djeno Terminal 25-55 days 920,000 920,000 US $ Barrels
Djeno vs 30-60 day Dated Brent Strip PCNGF00 PCNGF03 FOB Djeno Terminal 25-55 days 920,000 920,000 US $ Barrels
Jubilee AAXUS00 AAXUS03 FOB FPSO Kwame Nkrumah 25-55 days 950,000 950,000 US $ Barrels
Jubilee vs 30-60 day Dated Brent Strip AAXUT00 AAXUT03 FOB FPSO Kwame Nkrumah 25-55 days 950,000 950,000 US $ Barrels
Doba AAXUU00 AAXUU03 FOB Kome Kribi FSO 25-55 days 950,000 950,000 US $ Barrels
Doba vs 30-60 day Dated Brent Strip AAXUV00 AAXUV03 FOB Kome Kribi FSO 25-55 days 950,000 950,000 US $ Barrels
WAF Index Outright AWAFA00 AWAFA03 FOB 25-55 days US $ Barrels
WAF Index Differential AWAFB00 AWAFB03 FOB 25-55 days US $ Barrels

© 2023 by S&P Global Inc. All rights reserved. 14

Specifications Guide Europe and Africa Crude Oil: March 2023

NIGERIA
West Africa TOGO BENIN
Forcados Brass River
GHANA Gravity 40.1 API | Sulfur 0.18%
Platts assesses West African crude grades loading 25-55 days Gravity 31.5 API | Sulfur 0.22%
Escravos
after date of publication. Platts assessments reflect standard Gravity 32.4 API | Sulfur 0.17%
Bonny Light
Gravity 32.9 API | Sulfur 0.16%
Suezmax cargoes of each individual grade. Both part cargoes Erha
Gravity 35.4 API | Sulfur 0.17% Qua Iboe
and combined cargoes may also be taken into account in the Jubilee
Gravity 37.6 API | Sulfur 0.11%
Gravity 36.8 API | Sulfur 0.29%
assessment process, but will be normalized back to a standard Bonga CAMEROON
Gravity 29.4 API | Sulfur 0.25%
Suezmax size. IVORY COAST
Usan
Agbami Gravity 29.9 API | Sulfur 0.27%
Gravity 47.88 API | Sulfur 0.04%
Nigerian Assessments Doba
Egina Gravity 25.8 API | Sulfur 0.09%
Qua Iboe: Platts assesses Qua Iboe cargoes loading FOB the Gravity 27.3 API | Sulfur 0.17%
Akpo
Qua Iboe Terminal. The standard cargo size is 950,000 barrels. Gravity 45.8 API | Sulfur 0.07%
EQ. GUINEA

Bonny Light: Platts assesses Bonny Light cargoes loading FOB

0
the Bonny Terminal. The standard cargo size is 950,000 barrels. SÃO TOMÉ AND PRINCIPE A F R I C A
EQUATOR

Brass River: Platts assesses Brass River loading FOB from the
GABON
Brass River Terminal. Cargo sizes vary, but Platts assessments
reflect a standard Suezmax cargo size of 950,000 barrels.

Escravos: Platts assesses Escravos loading FOB from the

Escravos Terminal. The standard cargo size is 950,000 barrels. ATLANTIC
OCEAN

10 E
CONGO
Forcados: Platts assesses Forcados loading FOB from the
Forcados Terminal. Cargo sizes vary, but Platts assessments
reflect a standard Suezmax cargo size of 950,000 barrels. Cabinda
Djeno
Gravity 27.6 API | Sulfur 0.34%
Gravity 32.2 API | Sulfur 0.15%
Nemba
Agbami: Platts assesses Agbami loading FOB from the Agbami Sulfur content Gravity 37 API | Sulfur 0.28%
DEM. REP. CONGO
FPSO. The standard cargo size is 975,000 barrels. Sour Sweet
Hungo
Gravity >= 0.5% < 0.5%
Gravity 29.4 API | Sulfur 0.59%
Heavy 0 to 22.3 Kissanje
Akpo: Platts assesses Akpo loading FOB from the Akpo FPSO. Gravity 30.3 API | Sulfur 0.36% Pazflor
Medium 22.4 to 31.1
The standard cargo size is 1 million barrels. Gravity 25.6 API | Sulfur 0.43%
Light 31.2 and higher
Girassol
Gravity 30.2 API | Sulfur 0.34%
Bonga: Platts assesses Bonga loading FOB from the Bonga ANGOLA
Terminal. The standard cargo size is 950,000 barrels. Dalia Plutonio
Gravity 23 API | Sulfur 0.51% Gravity 33.2 API | Sulfur 0.37%

Source: S&P Global Commodity Insights

Usan: Platts assesses Usan loading FOB from the Usan FPSO.
The standard cargo size is 1 million barrels.

© 2023 by S&P Global Inc. All rights reserved. 15

Specifications Guide Europe and Africa Crude Oil: March 2023

Erha: Platts assesses Erha loading FOB from the Erha FPSO. Kissanje: Platts assesses Kissanje loading FOB from the FSO in Cameroon, though the crude is produced in Chad. The
The standard cargo size is 950,000 barrels. Kizomba B FPSO. The standard cargo size is 950,000 barrels. standard cargo size is 950,000 barrels.

Egina: Platts assesses Egina loading FOB from the Egina FPSO. Dalia: Platts assesses Dalia loading FOB from the Dalia FPSO. Jubilee: Platts assesses Jubilee loading FOB from the Kwame
The standard cargo size is 1,000,000 barrels. The standard cargo size is 950,000 barrels. Nkrumah FPSO in Ghana. The standard cargo size is 950,000
barrels.
Pazflor: Platts assesses Pazflor loading FOB from the Pazflor
Angolan Assessments
FPSO. The standard cargo size is 950,000 barrels.
WAF Index
Cabinda: Platts assesses Cabinda loading FOB from the
Malongo Terminal. The standard cargo size is 950,000 barrels. Plutonio: Platts assesses Plutonio loading FOB from the Greater Platts publishes a West Africa Index as both an outright price
Plutonio FPSO. The standard cargo size is 1 million barrels. and a differential to the 30-60 day forward Dated Brent strip.
Nemba: Platts assesses Nemba loading FOB from the Malongo The index is calculated as an average of Bonny Light, Qua Iboe,
Terminal. Cargo sizes vary, but Platts assessments reflect a Forcados and Bonga.
WAF Regional Assessments
standard Suezmax cargo size of 950,000 barrels.
Djeno: Platts assesses Djeno loading FOB from the Djeno
Girassol: Platts assesses Girassol loading FOB from the Girassol Terminal in the Republic of the Congo. The standard cargo size
FPSO. The standard cargo size is 1 million barrels. is 920,000 barrels.

Hungo: Platts assesses Hungo loading FOB from the Kizomba A Doba: Platts assesses Doba loading FOB from the Kome-Kribi
FPSO. The standard cargo size is 950,000 barrels.

© 2023 by S&P Global Inc. All rights reserved. 16

Specifications Guide Europe and Africa Crude Oil: March 2023

Urals and Mediterranean

Assessment Code Mavg Pavg Wavg Contract Basis Location Delivery Period Min Size Max Size Currency UOM

Urals
Urals Rotterdam (CIF) PCAFW00 PCAFW03 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels
Urals Rotterdam vs Med Dated Brent Strip (CIF) AAGXJ00 AAGXK00 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels
Urals ex-Primorsk AAWVH00 AAWVH03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels
Urals ex-Primorsk vs Med Dated Brent Strip AAWVI00 AAWVI03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels
Urals ex-Baltic AAGZT00 AAJHX00 FOB Baltic Ports 10-25 days 100 kt 100 kt US $ Barrels
Urals ex-Baltic vs Med Dated Brent Strip AAHPI00 AAJID00 FOB Baltic Ports 10-25 days 100 kt 100 kt US $ Barrels
Urals Augusta (CIF) PCACE00 PCACE03 CIF Augusta 10-25 days 80 kt 100 kt US $ Barrels
Urals Augusta vs Med Dated Brent Strip (CIF) AAGXX00 CIF Augusta 10-25 days 80 kt 100 kt US $ Barrels
Urals FOB Novorossiysk Suezmax AAGZS00 AAJHV00 FOB Novorossiisk 10-25 days 140 kt 140 kt US $ Barrels
Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip AAHPH00 AAJIC00 FOB Novorossiisk 10-25 days 140 kt 140 kt US $ Barrels
Urals FOB Novorossiysk Aframax AAOTH00 AAOTH03 FOB Novorossiisk 10-25 days 80 kt 80 kt US $ Barrels
Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip AAOTI00 AAOTI03 FOB Novorossiisk 10-25 days 80 kt 80 kt US $ Barrels
Urals RCMB (Recombined) AALIN00 AALIO00 CIF Augusta 10-25 days 80 kt 100 kt US $ Barrels
Urals CIF Augusta Euro AAPYS00 AAPYS03 CIF Augusta 10-25 days 80 kt 100 kt Euro Barrels
Observed Delivery Factor (ODF) AODFA00 Days

CPC Blend
CPC Blend CIF AAGZU00 AAJHY00 CIF Augusta 10-30 days 90 kt 140 kt US $ Barrels
CPC Blend CIF vs BTC Dated Brent Strip AAHPL00 AAJIF00 CIF Augusta 10-30 days 90 kt 140 kt US $ Barrels
CPC Blend FOB Suezmax AALVX00 AALVY00 FOB CPC Terminal 10-30 days 140 kt 140 kt US $ Barrels
CPC Blend FOB Suezmax vs BTC Dated Brent Strip AALVZ00 AALWC00 FOB CPC Terminal 10-30 days 140 kt 140 kt US $ Barrels
CPC FOB Aframax AAOFV00 AAOFV03 FOB CPC Terminal 10-30 days 90 kt 90 kt US $ Barrels
CPC FOB Aframax vs BTC Dated Brent Strip AAOFW00 AAOFW03 FOB CPC Terminal 10-30 days 90 kt 90 kt US $ Barrels

Azeri Light
Azeri Light CIF AAGZX00 AAJIA00 CIF Augusta 10-30 days 650,000 650,000 US $ Barrels
Azeri Light CIF vs BTC Dated Brent Strip AAHPM00 AAJIG00 CIF Augusta 10-30 days 650,000 650,000 US $ Barrels
Azeri Light FOB Supsa AATHM00 AATHM03 FOB Supsa 10-30 days 650,000 650,000 US $ Barrels
Azeri Light FOB Supsa vs BTC Dated Brent Strip AATHN00 AATHN03 FOB Supsa 10-30 days 650,000 650,000 US $ Barrels
Azeri Light FOB Ceyhan Suezmax AAUFM00 AAUFM03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels
Azeri Light FOB Ceyhan Suezmax vs BTC Dated Brent Strip AAUFN00 AAUFN03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels
Azeri Light FOB Ceyhan Aframax AAUFK00 AAUFK03 FOB Ceyhan 10-30 days 650,000 650,000 US $ Barrels
Azeri Light FOB Ceyhan Aframax vs BTC Dated Brent Strip AAUFL00 AAUFL03 FOB Ceyhan 10-30 days 650,000 650,000 US $ Barrels
BTC FOB Ceyhan AAUFH00 AAUFH03 FOB Ceyhan 10-30 days 650,000 1,000,000 US $ Barrels
BTC FOB Ceyhan vs BTC Dated Brent Strip AAUFJ00 AAUFJ03 FOB Ceyhan 10-30 days 650,000 1,000,000 US $ Barrels

Regional Black Sea And Mediterranean Crudes

Siberian Light CIF AAGZW00 AAJHZ00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels
Siberian Light CIF vs Med Dated Brent Strip AAHPK00 AAJIE00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels

© 2023 by S&P Global Inc. All rights reserved. 17

Specifications Guide Europe and Africa Crude Oil: March 2023

Urals and Mediterranean

Assessment Code Mavg Pavg Wavg Contract Basis Location Delivery Period Min Size Max Size Currency UOM
ESPO FOB Kozmino (London Close) AARWD00 AARWD03 FOB Kozmino M+2 80 kt 140 kt US $ Barrels
ESPO FOB Kozmino vs forward Dated Brent (London Close) AARWE00 AARWE03 FOB Kozmino M+2 80 kt 140 kt US $ Barrels
Saharan Blend AAGZY00 AAJIB00 FOB Algeria 10-30 days 600,000 600,000 US $ Barrels
Saharan Blend vs BTC Dated Brent Strip AAHPN00 AAJIH00 FOB Algeria 10-30 days 600,000 600,000 US $ Barrels
Es Sider PCACO00 PCACO03 FOB Es Sider 10-30 days 600,000 600,000 US $ Barrels
Es Sider vs BTC Dated Brent Strip AAGYH00 AAGYI00 FOB Es Sider 10-30 days 600,000 600,000 US $ Barrels
Kirkuk AAEJD00 AAEJG00 FOB Ceyhan 10-25 days 600,000 1,000,000 US $ Barrels
Kirkuk vs Med Dated Brent Strip AAGYF00 AAGYG00 FOB Ceyhan 10-25 days 600,000 1,000,000 US $ Barrels
Iranian Light FOB Kharg Island (Med) AILKA00 AILKA03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Light FOB Kharg Island (Med) vs Med Dated Brent Strip AILKB00 AILKB03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Heavy FOB Kharg Island (Med) AIHKA00 AIHKA03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Heavy FOB Kharg Island (Med) vs Med Dated Brent Strip AIHKB00 AIHKB03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Suez Blend PCACA00 PCACA03 FOB Ras Sukheir 10-25 days 600,000 1,000,000 US $ Barrels
Suez Blend vs Med Dated Brent Strip AAGYD00 AAGYE00 FOB Ras Sukheir 10-25 days 600,000 1,000,000 US $ Barrels
Sweet/Sour Diff Med AAGZZ00 FOB Med Basket 10-25 days US $ Barrels
Sweet/Sour Diff NWE AAGZV00 CIF Rotterdam 10-25 days US $ Barrels

Urals and Mediterranean CFDS

Urals Med CFD Mo1 AAMDU00 100,000 100,000 US $ Barrels
Urals Med CFD Mo2 AAMEA00 100,000 100,000 US $ Barrels
Urals Med CFD Mo3 UMCM003 100,000 100,000 US $ Barrels
Urals NWE CFD Mo1 UNCM001 100,000 100,000 US $ Barrels
Urals NWE CFD Mo2 UNCM002 100,000 100,000 US $ Barrels
Urals NWE CFD Mo3 UNCM003 100,000 100,000 US $ Barrels
CPC Blend CFD Mo1 AAOFX00 100,000 100,000 US $ Barrels
CPC Blend CFD Mo2 AAOFY00 100,000 100,000 US $ Barrels
CPC Blend CFD Mo3 AAOFZ00 100,000 100,000 US $ Barrels

© 2023 by S&P Global Inc. All rights reserved. 18

Specifications Guide Europe and Africa Crude Oil: March 2023

0
Urals (Primorsk)
Urals and Mediterranean FINLAND
Gravity 31.5 API | Sulfur 1.44%

Platts assesses Urals cargoes loading 10-25 days forward from NORWAY Urals (Ust Luga)
EST. Gravity 31.5 API | Sulfur 1.44%
the date of publication. While some Mediterranean cargoes 60 N
SWEDEN KAZAKHSTAN
trade on a CIF-delivered basis, market participants generally LAT. RUSSIA

10 E
reference loading dates rather than delivery dates. Platts
LITH.
considers any bids or offers for a minimum five-day laycan. For DEN. BELARUS A S I A UZB.
longer laycans, the counterpart must narrow the laycan to five Urals (Gdansk) CPC
Gravity 31.5 API | Sulfur 1.44%
days at the time of trade. Seven clear calendar days prior to the Gravity 45.3 API | Sulfur 0.56%
Urals (FOB Novorossiysk)
first day of the five-day range, the seller must nominate the two- NETH. POLAND Gravity 31.3 API | Sulfur 1.36%
day loading laycan and specify both a load port and vessel. UKRAINE Siberian Light Ca
UK sp
Gravity 35.1 API | Sulfur 0.57%
TURKM.

ia
BELG. GERMANY CZECH REP.
In the CPC Blend, Azeri Light, Saharan, Kirkuk and Es Sider

n
MDA.

Se
50 N
markets, Platts reflects bids, offers and trades that can be E U R O P E GEO.

a
supplied with cargoes where all days of the loading laycan, or all AUST. HUNGARY ROMANIA Sea Azeri Light (FOB Supsa/Batumi)
a ck
but one of these days, fit fully into the five-day loading window. SWITZ. Bl Gravity 34.75 API | Sulfur 0.16%
FRANCE
B.H. SERB. BULGARIA
Should a seller opt to offer or sell any cargo not loading fully TURKEY IRAN
KOS.
within the five-day laycan, they must cover any additional costs
ITALY MKD. Kirkuk
incurred by the buyer resulting from the earlier or later loading. Gravity 33.9 API | Sulfur 2.26%
Azeri Light (FOB Ceyhan)
These earlier or later loading days are known as “slippage days”. Gravity 36.55 API | Sulfur 0.15%
GR. SYRIA IRAQ
Syrian Light
SPAIN Gravity 38 API | Sulfur 0.68%
Platts publishes firm bids for Azeri Light CIF Augusta and CPC Syrian Heavy
Gravity 23.12 API | Sulfur 4.19%
Blend CIF Augusta cargoes ahead of the release of the full Saharan Blend
Gravity 45 API | Sulfur 0.1% JORD.
corresponding month-ahead loading program. These instances
Me Iranian Heavy
typically occur when the 10-30 day forward assessment range dite
rranean Gravity 29.5 API | Sulfur 1.99%
TUN. Sea
for Azeri Light and CPC Blend stretch beyond the published Iranian Light
Gravity 33.4 API | Sulfur 1.36% SAUDI ARABIA
loading schedule dates. ALGERIA
Suez Blend
Gravity 31.3 API | Sulfur 1.41%
Es Sider
In the Azeri Light and CPC Blend markets, Platts also reflects Gravity 36.71 API | Sulfur 0.37%
bids where buyers are willing to receive pre-loaded oil, meaning Sulfur content
a cargo which has loaded before the dates being bid. Platts Sour Sweet LIBYA
EGYPT
does not reflect offers of pre-loaded oil. Sellers may supply Gravity >= 0.5% < 0.5%

a cargo that has loaded prior to the specific dates being bid, Heavy 0 to 22.3

provided it meets all other Platts guidelines and the seller Medium 22.4 to 31.1 A F R I C A
covers any additional costs incurred by the buyer. However, this Light 31.2 and higher SUDAN

specifically excludes oil sourced via STS or from any land-based

Source: S&P Global Commodity Insights
storage other than the original loading terminal. All deals done ERITREA
on this basis price as if the Bill of Lading were the first day of

© 2023 by S&P Global Inc. All rights reserved. 19

Specifications Guide Europe and Africa Crude Oil: March 2023

the originally bid five-day loading range. Slippage days do not Augusta markets, the seller must nominate the two-day loading to indications, Platts will account for the impact of market
apply to pre-loaded oil sales. laycan at least seven clear calendar days ahead of the first structure on published differentials.
day of the originally-traded five-day loading range. The seller
If a seller is delivering a pre-loaded cargo, title and risk pass to must also nominate the performing vessel name and load port Platts does not reflect part-cargo bids, offers or trades for any
the buyer at 00.01 Moscow time on the first day of the originally at least seven clear calendar days ahead of the first day of of its Mediterranean crude assessments.
bid five-day laycan. the originally-traded five-day loading range. If that date is not
a working day, then nomination should take place by close of Platts considers offers that include a named vessel, which
Platts guidelines maintain that buyers should not be harmed business on the previous working day. may be lifted by buyers “subject to vessel approval”. In the
by higher freight and demurrage rates stemming from vessels event a named vessel is rejected by ship vetting, then the deal
chartered earlier than the “natural fixing window” for a given In the event that the seller intends to use the slippage day will not be finalized. For assessment purposes, in the event a
laycan. Using feedback gathered from the industry, Platts has ahead of the originally-traded five-day loading range, then the vessel is rejected by a buyer, Platts may reconsider whether
determined that the “natural fixing window” is between 14 and seller must nominate seven clear calendar days ahead of the the indication should be subsequently included in the Platts
16 days prior to the first day of the originally bid five-day loading slippage day. assessment process.
range.
Observed Delivery Factor: Until Nov. 1, 2022, the ODF was added Platts reflects typical loading sizes in its Mediterranean
If no mutual agreement is reached between counterparties for to the published laycans of bids or offers to normalize them crude oil assessments, which may vary from one grade and
freight deviation costs, Platts expects them to use the three- to base port dates. During the summer, the observed delivery one loading port to another. Typical loading sizes may also
day average of the Black Sea-Mediterranean 80,000 mt Aframax factor represented how many days longer it would take a cargo be subject to change over time, and Platts will review and, if
assessment published in Platts Dirty Tankerwire 14 to 16 days from Primorsk or Ust-Luga to reach Augusta versus a cargo necessary, revise the cargo sizes reflected in its assessments.
prior to the first day of the original five-day loading range for all from Novorossiisk. During the winter the ODF represented how In the event of any change of this nature, Platts will consult with
CIF Augusta markets. many days longer it will take a cargo from Novorossiisk to reach and advise the industry accordingly.
Augusta versus a cargo from Primorsk or Ust-Luga. For example,
As such, the lower of either the charterparty or the “natural during the summer period, an ODF of four days would indicate The implied set of conditions for a CIF bid include:
fixing window” for each crude should be used to determine the delays of four days at the Turkish Straits (based on a normal
cost of deviation. Similarly, buyers should not be harmed by delivery difference of eight days). Therefore, an offer for a cargo Up front conditions Conditions to be met
demurrage incurred by the vessel charterer due to the earlier loading from Primorsk or Ust-Luga July 5-10 would have been Name of the buyer Ship must meet vetting conditions of a
reasonable buyer.
shipment date in pre-loaded oil transactions. Demurrage should considered for assessment purposes as representing value Volume Volume delivered must match volume
be relevant to the first day of the originally bid five-day loading based on Novorossiisk dates of July 9-14. During the winter requested plus/minus normal tolerances.
range. period, an ODF of six days would indicate delays of 14 days at Port Ship must meet physical limitations of port,
the Turkish Straits. Therefore, an offer for a cargo loading from eg. Draft, beam etc. Ship must also meet
conditions set by country of destination.
If a seller is delivering a pre-loaded cargo, then seven days Novorossiisk December 5-10 would have been considered for
prior to the first day of the laycan, the seller must declare this assessment purposes as representing value based on Primorsk Offers may be made into a specific location or to meet a broad
and the laycan will be deemed the first two days of the original and Ust-Luga dates of December 11-16. area. CIF offers may be made with a named or unnamed ship.
five-day bid. The seller must also specify at least seven days in The implied set conditions for a CIF offer include:
advance the name of the ship, the loading port and when the Since April 1, 2021, Platts has been assessing Turkish Straits
cargo loaded. Slippage days do not apply in the event a seller is delays to the nearest half-day. The ODF continues to be Up front conditions Conditions to be met
electing to deliver a previously-loaded cargo. calculated to the nearest whole transit day for the purposes Name of Ship Buyer to determine if ship is acceptable
to its vetting department. For assessment
of the Urals CIF Augusta assessment, with any southbound purposes, editors will review quality of vessel
Nomination: In the CPC Blend CIF Augusta and Azeri Light CIF delays rounded up to the nearest full day. In applying the ODF to determine if it should be considered in the
assessment process.

© 2023 by S&P Global Inc. All rights reserved. 20

Specifications Guide Europe and Africa Crude Oil: March 2023

Unnamed ship Seller has the responsibility to meet the

reasonable vetting requirements of a typical assessment reflects 100,000 mt cargoes of Urals loading out of ESPO (FOB Kozmino): The assessment of Eastern Siberian Pacific
market participant in that region. The the Baltic Sea ports of Primorsk, Ust-Luga and Gdansk. Oil (ESPO) crude oil reflects cargoes loaded from Russia’s Far East
seller is entitled to substitute the vessel port of Kozmino. Prices are assessed on an FOB basis and reflect
with another meeting the same vetting
Urals ex-Primorsk (FOB): The Urals ex-Primorsk FOB cargoes from 80,000 mt to 140,000 mt, normalized to a standard
requirement at any reasonable time before
delivery of the cargo. assessment reflects Urals cargoes of 100,000 mt loading 100,000 mt. The Platts assessment reflects cargoes loading M+2
exclusively out of the Baltic Sea port of Primorsk. from date of publication and is adjusted to the 16:30 London close
Urals Rotterdam (CIF Rotterdam): The Platts CIF Rotterdam using the assessment published at the 16:30 Singapore close,
Urals assessment reflects cargoes of typical Primorsk quality Urals “Recombined” (RCMB) CIF Augusta: This daily assessment normalized for changes in outright prices over time.
loading from the Baltic Sea ports of Primorsk and Ust-Luga is an outright price for Urals CIF Augusta which does not take
for delivery into Rotterdam/Netherlands. This assessment into account backwardation or contango. This price is produced Siberian Light (CIF Augusta): The assessment reflects 80,000
is a freight calculation derived from the FOB Primorsk Urals by adding or subtracting the prevailing market differential for mt cargoes of Siberian Light loading from the Black Sea
assessment using Platts spot freight assessments published CIF Augusta Urals relative to the daily Dated Brent assessment. port of Novorossiisk for delivery into the Mediterranean. The
daily in the Dirty Tankerwire and is inclusive of a Rotterdam port No further adjustments are made. This assessment is published assessment basis is CIF Augusta/Sicily/Italy.
fee. Effective January 3, 2023, the Rotterdam port charge used as an outright price only. The differential is assessed according
will be 14 cents/b. to the methodology highlighted in the Urals CIF Augusta Azeri Light (BTC CIF Augusta): The assessment reflects 650,000
assessment above. barrel cargoes of Azeri Light loading at the Turkish port of
Urals Mediterranean (CIF Augusta): The Platts CIF Augusta Ceyhan for delivery into the Mediterranean. Azeri Light cargoes
Urals assessment reflects cargoes of typical Novorossiisk KEBCO (CIF Augusta): The assessment reflects Aframax loading from both Ceyhan and the Black Sea port of Supsa may
quality. This assessment is a freight calculation derived from the cargoes of Kazakh-origin Urals loading from the Black Sea be included in this assessment, with Supsa volume adjusted
FOB Novorossiisk Urals assessment using Platts spot freight port of Novorossiisk for delivery into the Mediterranean. The back to Ceyhan quality. While the basis is CIF Augusta/Sicily/
assessments published daily in the Dirty Tankerwire, in addition assessment basis is CIF Augusta/ Sicily/Italy, though cargoes Italy, cargoes delivered to other ports in the Mediterranean
to calculated delay and demurrage costs through the Turkish delivered to other ports in the Mediterranean may also be will also be considered with freight costs taken into account.
Straits. These demurrage costs are also available in the Platts considered with freight costs taken into account. Cargoes for exclusive delivery within the Black Sea are not taken
Dirty Tankerwire. Platts also includes AWRP costs in its Urals CIF into account. The typical pricing period for cargoes is either
Augusta freight net forward. KEBCO/Russian Urals: The KEBCO/Russian Urals spread three or five days after bill of lading, though cargoes pricing on
assessment reflects a calculated value based on the a different basis may be included with an adjustment back to
AWRP: Platts publishes a daily assessment for the Additional difference between the Platts KEBCO assessment versus the market standard pricing.
War Risk Premium for cargoes of CPC Blend and Russian Urals Mediterranean Dated Strip (KBCOB00) and the Platts Urals CIF
loading in the Black Sea. Mediterranean assessment versus the Mediterranean Dated Azeri Light FOB Supsa: The assessment reflects 650,000
Strip (AAGXX00). barrel cargoes loading from the Black Sea port of Supsa. This
Urals FOB Novorossiisk Suezmax: The Urals FOB Novorossiisk assessment is a freight calculation derived from the CIF Augusta
Suezmax assessment represents 140,000 mt cargoes trading Urals (DAP India): The Urals DAP India assessment reflects an Azeri Light assessment using Platts spot freight assessments
FOB at the Black Sea port of Novorossiisk. Aframax cargo size, typically 80,000-100,000 mt, and is assessed published daily in the Dirty Tankerwire. It also takes into account
for an M+1 delivery period into West Coast India. For example, in any delay and demurrage costs through the Turkish Straits,
Urals FOB Novorossiisk Aframax: The Urals FOB Novorossiisk February 2023 the assessment would reflect March deliveries which are also published daily in the Dirty Tankerwire.
Aframax assessment represents 80,000 mt cargoes trading FOB of Urals crude to West Coast India. The assessment is published
at the Black Sea port of Novorossiisk. on a Delivered at Place (DAP) West Coast India basis as both an Azeri Light FOB Ceyhan Suezmax: The assessment reflects 1
outright price, and as a differential to M1 forward Dated Brent million barrel cargoes of Azeri Light loading from the Turkish
Urals ex-Baltic Sea FOB: The Urals ex-Baltic Sea FOB (BDLM001). port of Ceyhan. This assessment is a freight calculation

© 2023 by S&P Global Inc. All rights reserved. 21

Specifications Guide Europe and Africa Crude Oil: March 2023

derived from the CIF Augusta Azeri Light assessment CPC Blend FOB Suezmax: The assessment reflects 140,000 Iran Light FOB Kharg Island (Med): The assessment reflects
Platts’ spot freight assessments published daily in the Dirty mt cargoes of CPC Blend crude oil loading from the CPC Blend 600,000 barrel cargoes loading FOB from the Iranian port
Tankerwire. export terminal north of Novorossiisk in the Black Sea. This of Kharg Island for delivery into the Mediterranean. In the
assessment is a freight calculation derived from the CIF Augusta absence of any spot market information, Platts may assess
Azeri Light FOB Ceyhan Aframax: The assessment reflects CPC Blend assessment using Platts spot freight assessments Iranian crudes in relation to their monthly Official Selling Prices
650,000 barrel cargoes loading from the Turkish port of Ceyhan. published daily in the Dirty Tankerwire. It also takes into account (OSPs), as released by the National Iranian Oil Company (NIOC).
This assessment is a freight calculation derived from the any delay and demurrage costs through the Turkish Straits, Because these OSPs are published relative the ICE’s Brent
CIF Augusta Azeri Light assessment using Platts spot freight also available daily in the Dirty Tankerwire. The calculation also weighted average (BWAVE), Platts uses Dated to Frontline
assessments published daily in the Dirty Tankerwire. includes the AWRP. (DFL) swaps to bring the assessment back in line with Dated
Brent.
BTC (Azeri) crude FOB Ceyhan: The assessment reflects typical CPC Blend FOB Aframax: The assessment reflects 90,000 mt
export grade crude from the BTC pipeline at Ceyhan - which is cargoes of CPC Blend crude oil loading from the CPC Blend Iran Heavy FOB Kharg Island (Med): The assessment reflects
currently classified as Azeri Light – independent of cargo size. export terminal north of Novorossiisk in the Black Sea. This 600,000 barrel cargoes of Iranian Heavy loading FOB from the
This assessment is a freight calculation derived from the CIF assessment is a freight calculation derived from the CIF Augusta Iranian port of Kharg Island for delivery into the Mediterranean.
Augusta Azeri Light assessment. Platts uses the average of CPC Blend assessment using Platts spot freight assessments In the absence of spot market information, Platts may assess
freight rates of a 650,000 barrel cargo (standard Aframax) and a published daily in the Dirty Tankerwire. It also takes into account Iranian crudes in relation to the monthly OSP released by
1 million barrel cargo (standard Suezmax) to provide a guide for any delay and demurrage costs through the Turkish Straits, NIOC. Because these OSPs are published relative to ICE’s
the FOB level, using Platts spot freight assessments in the Dirty which are also available daily in the Dirty Tankerwire. BWAVE, Platts uses Dated to Frontline (DFL) swaps to bring the
Tankerwire report. assessment back in line with Dated Brent.
Suez Blend (FOB Ras Sukheir): The assessment reflects
CPC Blend (CIF Augusta): The assessment reflects 90,000 600,000 barrel to 1 million barrel cargoes of Egypt’s Suez Blend Saharan Blend (FOB): The assessment reflects 600,000 barrel
mt cargoes loading from the Black Sea CPC Terminal north crude sold Brent-related FOB from Ras Sukheir. cargoes of Saharan Blend loading FOB from the Algerian ports
of Novorossiisk for delivery into the Mediterranean. The Skikda and Arzew. Larger cargoes may be considered in the
Platts CPC Blend CIF Augusta assessment reflects cargoes Es Sider (FOB Es Sider): The assessment reflects 600,000 barrel assessment, but will be normalized back to 600,000 barrels.
between 90,000 mt and 140,000 mt, normalized back to the cargoes of Es Sider crude oil loading FOB from the Libyan port of The typical pricing period for cargoes is either three of five days
90,000 mt standard. The assessment basis is CIF Augusta/ the same name for delivery into the Mediterranean. In periods of after bill of lading, though cargoes pricing on a different basis
Sicily/Italy, though cargoes delivered to other ports in the spot market illiquidity, Es Sider is assessed relative to CIF Augusta may be included with the pricing period taken into account.
Mediterranean may also be considered with freight costs Azeri Light, with relevant freight costs taken into account.
taken into account. Cargoes for exclusive delivery within the
Urals and Mediterranean Crude Netback Calculations
Black Sea are not taken into account. The typical pricing Kirkuk (FOB Ceyhan): This assessment reflects Iraqi Kirkuk
period for cargoes is either three or five days after bill of crude loading at Ceyhan in Turkey. Prices are assessed on an Effective January 3, 2023, Platts will use the corresponding
lading. Cargoes pricing on a different basis can be included FOB basis. The typical cargo size is 600,000 barrels but cargoes Worldscale flat rates per metric ton for the following routes
with the pricing period adjusted back to market standard. of up to 1million barrels may be used in the assessment. The in the calculation of its netback FOB Northwest Europe and
Platts understands that the AWRP is for the seller’s account typical pricing period for cargoes is either three or five days Mediterranean spot assessments. Rates to Rotterdam from:
for CIF Augusta CPC Blend trades. Platts excludes cargoes after bill of lading. Cargoes pricing on a different basis can Primorsk and Baltic ports (basket of Gdansk, Primorsk, and
that carry a Russian certificate of origin (COO). Bids, be included with the pricing period taken into account. This Ust-Luga). Rates to Augusta from: Banias, Batumi, Ceyhan, Es
offers and trades reported in the Market on Close (MOC) assessment only includes cargoes of Iraqi Kirkuk crude, and Sider, Novorossiisk, Novorossiisk CPC terminal, Sidi Kerir, Skikda,
assessment process will need to be performed upon with does not factor in cargoes of KBT also loading from the Botas Supsa, and Tartous. The Rotterdam port charge used will be 12
cargoes carrying a Kazakh origin COO. terminal at Ceyhan. cents/b.

© 2023 by S&P Global Inc. All rights reserved. 22

Specifications Guide Europe and Africa Crude Oil: March 2023

the Mediterranean, the CFD represents the market differential

Urals and CPC Blend CFDs Med Sweet/Sour Index
in price between the Dated Brent assessment and Urals
Urals CFDs (Contract for Difference) are a derivatives contract Recombined (RCMB) assessment over the contractual duration As an addition to Platts daily crude oil assessments in the
that trades both via exchange and the brokered market. of the swap. Mediterranean, Platts calculates and publishes a Mediterranean
These contracts trade primarily on a monthly basis, but also crude sweet/sour index. In the calculation, Platts uses the
on a bespoke or quarterly basis. Platts assesses three full Platts assesses three full calendar months ahead of the following formula: the mean of CPC Blend FOB CPC Terminal vs
calendar months ahead of the current date of publication for date of publication for the CPC Blend CFD market. The CFD BTC Dtd strip, BTC FOB Ceyhan vs BTC Dtd strip, Saharan Blend
both the Urals Northwest Europe and Urals Mediterranean measures the differential in price between the Forward Dated FOB Algeria vs BTC Dtd strip and Es Sider FOB Es Sider vs BTC
CFD markets. In Northwest Europe, the CFD measures the Strip assessment and the CPC Blend CIF Augusta outright Dtd strip minus Urals FOB Novorossiisk vs Med Dtd strip.
differential in price between the Mediterranean Dated assessment across the contractual duration of the swap.
Strip assessment and the Urals CIF Rotterdam outright
assessment across the contractual duration of the swap. In Assessments are expressed as a differential.

© 2023 by S&P Global Inc. All rights reserved. 23

Specifications Guide Europe and Africa Crude Oil: March 2023

Europe
Conversion Factor
Sulfur (%) API Production (b/d) Country Location Operator
(barrels to mt)

North Sea Crude

Brent 0.40 37.5 91,000 7.52 UK Sullom Voe Enquest
Forties 0.64 38.7 330,000 7.57 UK Hound Point INEOS
Oseberg 0.25 37.8 100,000 7.53 Norway Sture Equinor
Ekofisk 0.19 38.5 230,000 7.56 UK/Norway Teesside ConocoPhillips
Statfjord 0.25 39.3 90,000 7.60 Norway Statfjord FPSO Equinor
Gullfaks 0.26 37.5 140,000 7.52 Norway Gullfaks FPSO Equinor
Flotta 0.98 36.2 60,000 7.46 Norway Flotta Repsol Sinopec
Troll 0.14 35.9 190,000 7.44 Norway Mongstad Equinor
DUC 0.25 33.5 40,000 7.34 Denmark Fredericia Postlane Partners
Grane Blend 0.64 27.5 230,000 7.07 Norway Sture Equinor
Johan Sverdrup 0.8 28 380,000 7.09 Norway Mongstad Equinor
Alvheim 0.17 34.9 78,000 7.40 Norway Alvheim FPSO Aker BP
Asgard 0.14 52 200,000 8.16 Norway Asgard FPSO Equinor

West African Crude

Bonny Light 0.16 32.9 280,000 7.31 Nigeria Bonny Terminal Shell
Qua Iboe 0.11 37.6 245,000 7.52 Nigeria Qua Iboe Terminal ExxonMobil
Forcados 0.22 31.5 240,000 7.25 Nigeria Forcados Terminal Shell
Escravos 0.17 32.4 155,000 7.29 Nigeria Escravos Terminal Chevron
Brass River 0.18 40.1 105,000 7.63 Nigeria Brass River Terminal ENI
Agbami 0.04 47.88 150,000 7.98 Nigeria Agbami FPSO Chevron
Akpo 0.07 45.8 97,000 7.89 Nigeria Akpo FPSO Total
Bonga 0.25 29.4 150,000 7.16 Nigeria Bonga FPSO Shell
Erha 0.17 35.4 92,000 7.42 Nigeria Erha FPSO ExxonMobil
Usan 0.27 29.9 65,000 7.18 Nigeria Usan FPSO ExxonMobil
Egina 0.17 27.3 215,000 7.06 Nigeria Egina FPSO Total
Cabinda 0.15 32.2 155,000 7.28 Angola Malongo Terminal Chevron
Girassol 0.34 30.2 97,000 7.19 Angola Girassol FPSO Total
Kissanje 0.36 30.3 92,000 7.20 Angola Kizomba B FPSO ExxonMobil
Hungo 0.59 29.4 35,000 7.16 Angola Kizomba A FPSO ExxonMobil
Nemba 0.28 37 120,000 7.49 Angola Malongo Terminal Chevron
Dalia 0.51 23 150,000 6.87 Angola Dalia FPSO Total
Pazflor 0.43 25.6 90,000 6.99 Angola Pazflor FPSO Total
Plutonio 0.37 33.2 65,000 7.32 Angola Greater Plutonio FPSO BP
Djeno 0.34 27.6 260,000 7.08 Republic of Congo Djeno Terminal Total
Jubilee 0.29 36.8 120,000 7.48 Ghana Kwame Nkrumah FPSO Tullow
Doba 0.09 25.8 150,000 6.99 Chad Kome-Kribi Terminal COTCO

© 2023 by S&P Global Inc. All rights reserved. 24

Specifications Guide Europe and Africa Crude Oil: March 2023

Europe
Conversion Factor
Sulfur (%) API Production (b/d) Country Location Operator
(barrels to mt)

Urals/Mediterranean Crude
Urals (ex-Novo) 1.36 31.3 490,000 7.23 Russia Russia (Novorssiisk terminal) Transneft
Urals (ex-Baltics) 1.44 31.5 1,500,000 7.23 Russia Russia (Primorsk, Ust-Luga) Transneft
Kirkuk 2.26 33.9 400,000 7.36 Iraq Turkey Botas
CPC 0.56 45.3 1,500,000 7.80 Kazakhstan Russia (CPC terminal) TCO/KPO/KMG
Azeri Light (FOB Supsa/Batumi) 0.16 34.75 85,000 7.40 Azerbaijan Georgia SOCAR (Downstream)
Azeri Light (FOB Ceyhan) 0.15 36.55 650,000 7.45 Azerbaijan Turkey SOCAR (Downstream)
Saharan Blend 0.1 45 400,000 7.85 Algeria Algeria Sonatrach
Siberian Light 0.57 35.1 150,000 7.45 Russia Russia (Novorssiisk terminal) Transneft
Es Sider 0.37 36.71 280,000 7.48 Libya Libya NOC Libya
Suez Blend 1.41 31.3 N/A 7.24 Egypt Egypt BP/EGPC
Iranian Heavy 1.99 29.5 N/A 7.16 Iran Egypt NIOC
Iranian Light 1.36 33.4 N/A 7.33 Iran Egypt NIOC
ESPO 0.5 34.7 800,000 7.39 Russia Russia (Kozmino terminal) Transneft

© 2023 by S&P Global Inc. All rights reserved. 25

Specifications Guide Europe and Africa Crude Oil: March 2023

Revision history CIF Rotterdam. Adds minimum volume guidelines for FOB STS April 2020: Updated Worldcsale flat rates for Sullom Voe
Scapa Flow and Dated Brent CIF Rotterdam, replacing mother/ and Ceyhan. Added section for WTI Midland FOB Scapa Flow
March 2023: Platts completed an annual review of this guide, daughter ship restrictions. Updates Urals ODF to reflect full day assessment.
reviewing all content, correcting typos and making minor southbound Turkish Straits delays.
edits to language. Updates were made to Urals and CPC Blend February 2020: Annual Review Completed. Updated North
assessments. Additions were made to include KEBCO, PESCI, April 2021: Updates Dated Brent CIF Rotterdam Charterparty Sea Basket language and amended some typos and spelling
AWRP and Urals DAP India. Adds information on approved section to clarify geographical range. Updated CPC methodology of Novorossiisk to new standard. Added STS Options to Urals
terminals for Dated Brent, Cash BFOE. to reflect assessment date range change to 10-30 days forward Rotterdam language. Updated max volume size for Urals CIF
and 90,000 mt standard cargo size. Updated Es Sider, Saharan Augusta in Charts. Amended guidelines regarding CIF to FOB
July 2022: Updates Dated Brent CIF Rotterdam methodology to Blend to reflect assessment date range change to 10-30 days conversions for North Sea cargo trades. Edited ESPO to reflect
reflect inclusion of WTI Midland CIF Rotterdam cargoes. Updates forward. the M+2 trading in Singapore.
North Sea terminal operators. Removes references to Syrian
crude assessments throughout. Updates CPC Blend CFD basis. February 2021: Platts completed an annual review of this guide January 2020: Updated Urals language around ODF, and
and made minor amendments to language throughout. Platts Baltic delivery in Urals CIF Augusta, updated freight rates
February 2022: Platts completed an annual review of this guide, added vessel nomination language to the Urals/Med section, in both Urals/Med and North Sea. Updated FAF language to
reviewing all content, correcting typos and making minor edits and updated references to North Sea demurrage. reflect M1 only.
to language.
January 2021: Annual Worldscale freight update. December 2019: Added Johan Sverdrup and definition of
January 2022: Annual Worldscale freight update. Adds the Cash BFOE. Updated CIF Rotterdam language to reflect new
Midland-to-ECHO 3 and Wink-to-Webster crude pipelines to the December 2020: Updated Dated Brent FOB STS basis clarifications. Updated pipeline provenance naming/spelling to
list of pipelines reflected in European WTI Midland assessments. Scapa Flow MOC pricing state timing. Updated delivery reflect global standard in DAP WTI.
period for CIF North Sea regional grades in assessment
December 2021: Adds Ust-Luga loading cargoes to Urals CIF table. Updated Cash BFOE example wording. Adds Dated November 2019: Platts clarifies Cash BFOE settlement language
Augusta assessment and clarifies volume guidelines for MOC Brent CIF cargo nomination clarification. Corrected on partials to reflect that non-converging positions can be
indications. Statfjord location in North Sea map. Corrected order of settled both financially and with a smaller physical cargo.
Egina assessment codes.
August 2021: Updates US Crude in Europe section to reflect October 2019: Platts updated Dated Brent methodology to
amended pipeline provenance standard. Adds Urals and August 2020: Updated to reflect 2-1-2 around deemed B/L reflect CIF Rotterdam change and added Egina assessment.
Mediterranean pre-program bid guidelines. pricing as standard in CIF Rotterdam North Sea assessments.
Adds global WTI Midland specification. July 2019: Platts updated US Delivered assessments to reflect
July 2021: Adds new WTI Midland CIF basis Rotterdam 12 days- change in pricing basis and WTI Midland pipeline provenance.
to-month ahead assessments to assessment table and US June 2020: Updated to include the EPIC, Gray Oak and Permian
Crude in Europe section. Corrected monthly average codes for Express crude pipelines to the list of pipelines reflected in June 2019: Platts updated CIF Dated Brent freight basket to
WTI Midland FOB basis Scapa Flow and Eagle Ford 45 DAP basis European WTI Midland assessments. Updated Skikda-Augusta reflect change in WS Sullom Voe rate.
Rotterdam in assessment table. Updated min/max volumes for freight rate to reflect change in Worldscale flat rates. Added FAF
US crude assessments in assessment table. Updated title and Scapa Flow to code table. April 2019: Platts completed an annual update to sections 1
risk language for Dated Brent CIF Rotterdam. to 6 of Platts Methodology and Specifications Guides in April
May 2020: Updated Cash BFOE methodology to reflect partial 2019, and moved these sections into a standalone Methodology
May 2021: Updates accepted pricing terms for Dated Brent contracts that settle on fallback day. Guide. The Global Crude Oil Specifications Guide was separated

© 2023 by S&P Global Inc. All rights reserved. 26

Specifications Guide Europe and Africa Crude Oil: March 2023

from the overall Methodology Guide, and split into three regional reviewed all content, corrected typos and made minor edits to the discontinuation of Su Tu Den crude differential to OSP
guides for Asia Pacific and Middle East, Europe and Africa and language. Platts also added new sections I to VI. In the Persian effective December 1, 2017. Platts edited and updated the text
Americas. Platts completed an annual review of the Europe and Gulf section Platts added reference to an assessment of for Asia Pacific sections as well as quality chart for Asia-Pacific
Africa Crude Oil methodology and specifications guide. Platts Murban’s spread versus front-month Dubai that was launched crudes as per latest available assays. Platts updated the guide
reviewed all content, corrected typos and made minor edits in July, 2018. In the Asia Pacific section Platts corrected the to reflect the addition of Troll to BFOE and the inclusion of
to language. Platts updated the guide to reflect the addition explanation of how the Dated Brent Strip is calculated. Platts previously-loaded oil in the delivered Urals and Mediterranean
of a Troll Quality Premium for April 2019-loading cargoes also added description of several Asia-Pacific crude oil grades MOC markets. Additionally, Platts edited and updated the text
onwards; and the introduction of STS options into the Urals CIF that Platts currently assesses in the region. In the Americas, and tables for the EMEA crude sections.
Rotterdam assessment. Platts also updated the guide to reflect Platts updated the guide to reflect the addition of LOOP Sour
the addition of the West Africa Index. differential assessments; new US crude assessments at the September 2017: Platts updated its guide to reflect additional
Asia close; the change in the Canadian cargo laycans assessed methodology on its Dated Brent CIF Rotterdam assessment.
January 2019: Platts updated the North Sea and Urals & and the underlying Canada Dated Brent strip; the clarification Platts also completed an annual review of the Crude Oil
Mediterranean sections to include annual freight rates effective of its USGC Basrah Light assessment methodology; the change methodology and specifications guide. Platts reviewed all
January 2, 2019. Platts also updated assessment names in the in the ANS differential basis; the addition of two new USGC content and made minor edits to language. Guidance on
Urals & Mediterranean section to reflect changes to assessment Bakken assessments, and the renaming and redefinition of its outright, differential and spread price was clarified in reference
names effective January 2, 2019. Platts removed assessments existing North Dakota assessment; the renaming and broader to increments. In the Americas, Platts clarified calculation
for Iran Light and Iran Heavy FOB Sidi Kerir, which were scope of its WTI crude and Eagle Ford crude and condensate and loading details of Mexican crude prices and added in the
discontinued effective January 2, 2019 and added assessments cargo assessments on the US Gulf Coast; the discontinuation OSP formula for Maya crude heading to the US West Coast.
for Iran Light and Iran Heavy FOB Kharg Island (Med) which were of its FOB Houston Eagle Ford crude and condensate In addition, Platts has removed most Americas crude quality
introduced also effective January 2, 2019. The ESPO assessment assessments; and the change in specification reflected in specifications from the text and compiled them into an
in the Urals & Mediterranean section was updated to reflect that its Eagle Ford condensate assessments. In addition the Americas crude quality table, updated with details from latest
effective January 2, 2019, ESPO will now be reflecting cargoes text on WTI CMA methodology was edited for further clarity assays. In the assessment tables, Platts added in a column
loading two months ahead in line with methodology changes to and the assessment was added to the table. The Canada for typical volume sizes, and deleted extraneous columns.
the Asia assessment and announced in Singapore. All changes Dated Brent strip and Latin America strips were also added Platts also clarified the rollover dates for ANS cargoes and the
conducted during this review were designed to get the guide in to the assessment tables. In the Americas section, the text Latin America Brent Futures Strip calculations, and removed
shape for publication early 2019 in order to reflect methodology and tables were also reorganized In Europe, Platts updated redundant language for the Eagle Ford Marker. In the EMEA
changes due to take effect at the start of the upcoming year. the symbol tables, re-ordering the groupings and changing region, Platts updated the guide to include the Asgard and
Additionally, the accompanying EMEA Crude assessment table headings. Doba crude had its conversion factor changed; Alvheim condensate grades in the North Sea. Also, text on
was updated to reflect all changes. In the Asia-Pacific and netback calculations were adjusted; and a US CIF delivered the delivery and loading dates on Dated Brent was clarified,
Persian Gulf sections: Platts removed references to Enfield crude section was added. alongside text on the Forward Dated Brent strips. Platts edited
crude after the assessment was discontinued in November, and updated the text for Persian Gulf and Asia Pacific sections,
2018. Updated loading period reflected in Platts ESPO M1 July 2018: Platts updated its guide to reflect 2018 Worldscale and in table corrected the loading period for ESPO and Sakhalin
and ESPO M2 assessments effective January 2019. Added rates, the addition of several maps, the revision and clarification Blend and loading point for Senipah crude. Maps relevant to key
references to Murban M2 and M3 assessments, launched on of text and the revision of cargo sizes in West Africa. Platts crude oil assessments were also added.
January 2, 2019. Removed reference to Vietnam’s Su Tu Den updated the Asia and Persian Gulf sections to reflect the
crude differential to OSP which was discontinued in 2017. addition of crude assessments at Singapore close for the April 2017: Platts updated the Crude Oil Methodology Guide to
following: Indonesia’s Banyu Urip crude, Iraq’s Basrah Light and reflect the addition of the LOOP Sour crude assessments traded
October 2018: Platts completed an annual review of the Basrah Heavy crudes, US crude assessments and CFR North in cavern at the Louisiana Offshore Oil Port terminal on the US
global Crude Oil methodology and specifications guide. Platts Asia crude assessments. The guide was also updated to reflect Gulf Coast.

© 2023 by S&P Global Inc. All rights reserved. 27

Specifications Guide Europe and Africa Crude Oil: March 2023

January 2017: Platts completed an annual update to the barrels), Castilla Blend (500,000 barrels) and Magdalena Platts removed references to Kumkol crude, which is no longer
Crude Oil Methodology Guide, published in January 2017. This (300,000 barrels). Additionally, Platts has updated the assessed.
update moved the location of certain passages in Sections I assessment period for Alaska North Slope (ANS) crude delivered
to VI for enhanced clarity, and removed redundant references into the US West Coast. Under the updated ANS methodology, August 2015: Platts completed an annual update to the Crude
to STS and barge practices. Platts also updated Worldscale Platts will roll its assessments forward to reflect deliveries in Oil Methodology Guide in July 2015. In this update, Platts
rates to reflect changes from 2016 to 2017. Platts updated the the second calendar month forward from the first publishing reviewed all content. Platts updated guidance around how to
Crude Oil Methodology Guide to clarify around nomination day on or after the 10th of each month. Platts also updated the report information and expectations for contactability. Platts
procedure for Middle Eastern sour crude cargo deliveries, Crude Oil Methodology Guide to reflect updated specifications also consolidated guidance regarding review of reported
and remove reference to the use of the Aframax Abu Dhabi- of Basrah Light delivered into the US Gulf Coast. The updated trades and incorporated information regarding how Platts
III as an alternative delivery point in the assessment process specifications reflect a typical API gravity 29.5 and a maximum accounts for market structure in its crude oil assessments.
for loading of Upper Zakum cargoes. Platts updated the sulfur content of 3%. Prior to March 2016, Platts Basrah Light In the specifications section of the guide, Platts reflected the
Crude Oil Methodology Guide to include the Kimanis crude reflected an API gravity of 31-35.5 and sulfur content of 2%. renaming of Flotta Gold assessment, in line with the change
assessment and Murban Quality Premium. Removed references Platts also corrected minor typographical errors. in name by the terminal operator, Talisman Sinopec Energy UK
to discontinued Canadian crude postings, updated the new Ltd (TSEUK). Platts added the planned discontinuation dates
MOC timestamps and general review and update of Americas February 2016: Platts updated the Crude Oil Methodology of its existing Kumkol and Zarzaitine assessments. Platts
methodology. Platts also updated the European section Guide to reflect the addition of US crude export cargo incorporated netback calculations for Urals and Mediterranean
throughout, including procedures around pre-loaded oil for assessments for Eagle Ford crude and condensate from assessments. Platts added its Baltic Urals crude short option
Urals Mediterranean, changes to Cash BFOE contract months Houston and Corpus Christi, Texas terminals as well as WTI methodology. Language has been clarified in the US pipeline
and the discontinuation of Azeri FOB Supsa. Platts made a Houston. Platts also added a new crude oil pipeline assessment crude assessments, US shale crude oils and Americas dated
variety of edits to its North Sea methodology section for further for Western Canadian Select (WCS) ex-Nederland. Platts also Brent and US crude assessments at London close. Latin
clarity around descriptions for BFOE, convergence practices, removed references to Canadian crude oil postings that were America crude has added clarification around the monthly cash
a note that Platts now published assessments for the value of discontinued effective July 31, 2015. WTI assessments along with language to the Mexican crude
three forward months of BFOE (instead of as four, previously). contract pricing formulas. Language around Latin America
Platts also added information relating to its updated intraday January 2016: Platts updated the Crude Oil Methodology Guide assessments FOB has also been clarified. Platts updated this
BFOE assessments. to reflect the inclusion of Al Shaheen and Murban in its Dubai guide to include guidance regarding the inclusion of STS as a
and Oman crude oil benchmarks. Platts removed references to delivery option for Upper Zakum.
May 2016: Platts updated the Crude Oil Methodology Guide to Stybarrow crude, which is no longer assessed. Platts started to
include new assessments for WTI 2nd month and at the London assess Dubai and Oman derivatives independently of physical May 2015: Platts removed a number of European, Russian
close including: WTI MEH M2, WTI Midland M2, Light Houston assessments with effect from December 1, 2015. and West African crude oil specifications from the guide and
Sweet M2, WTI MEH M1 (London), and WTI MEH M2 (London). replaced them with a table format. Previously, the crude oil
November 2015: Platts updated the Crude Oil Methodology specifications had appeared next to the crude oil’s description.
April 2016: Platts updated the Crude Oil Methodology Guide to Guide to reflect Brazilian Roncador crude oil with a typical Now, the specifications appear separately in one table and are
reflect typical volumes for Latin American crude oil cargoes to: gravity of 19.8 API, sulfur content of 0.935%. Platts assessments designed as a reference. Platts updated the description of its
Escalante (1 million barrels), Roncador (750,000 barrels), Loreto for Roncador have reflected crude of this general quality since Dated Brent and North Sea crude assessment methodology
(400,000 barrels), Oriente (360,000 barrels), Napo (720,000 2013, when Roncador exports began to reflect a heavier, more to reflect North Sea cargoes loading a full month-ahead. This
barrels), Marlim (750,000 barrels), Castilla Blend (1 million sulfurous specification than had previously been typical for the change to Platts Dated Brent and North Sea crude methodology
barrels), and Vasconia (500,000 barrels). Prior to April 2016, crude. Prior to 2013, Roncador exports and Platts Roncador also incorporated changes to Platts Cash BFOE; under Platts
Platts reflected typical volume sizes of 350,000 barrels with the assessments had reflected crude with a lighter gravity of new methodology, full cargo date nominations are declared
exception of Santa Barbara (350,000 barrels), Mesa 30 (350,000 approximately 28.3 API, and a lower sulfur of generally 0.58%. one month in advance. This change also impacted Platts Asian

© 2023 by S&P Global Inc. All rights reserved. 28

Specifications Guide Europe and Africa Crude Oil: March 2023

and American Dated Brent assessments, which also reflect markets from December 2014. As part of the change, Platts available API and sulfur specifications for SGC and Poseidon;
loadings 10 days to a month-ahead. Platts further clarified the discontinued the use of the partials mechanism to assess create separate sections for US and Canada cargo assessments
convergence and settlement expectations for BFOE partials Minas and Tapis. Platts updated the tables for Asia-Pacific for more clarity; include descriptions of its new Bakken basin
published for assessment under its methodology. Platts crude to amend the cargo size of Minas to 100,000 barrels and assessment; remove certain background commentary around
updated the description of its West African assessment range Tapis to 300,000 barrels. Platts also updated the description US shale markets that was not strictly relevant to methodology
to reflect the value of all West African crude assessments of Angolan Dated Brent Strip codes AALGM00 and AALGN00 itself; remove references to Canadian crude postings that
loading 25-55 days forward. Platts noted the addition of the to their new description, the “15-45 Day Dated Strip”. In North are no longer published; add explanations of Latin strips; add
Deodorized Field Condensate assessment and the Sakhalin Sea crude, Platts added assessment codes for M4 cash BFOE definitions for Isthmus to USWC and Olmeca to Europe; and
Blend assessment. DFC will run alongside the existing Ras Gas at the London and Asia closes, M4 BFOE EFPs, and spreads incorporate descriptions of Platts’ 3:15 futures assessments.
assessment and will carry the historical data for Ras Gas when with WTI. Platts also made minor typographical edits throughout the text
the Ras Gas assessment is discontinued on January 2, 2016. for clarity.
The Sakhalin Blend assessment will run alongside the existing July 2014: Platts completed an annual update to the Crude Oil
Vityaz Blend assessment and will carry the historical data for Methodology Guide in July 2014. In this update, Platts reviewed November 2013: Platts updated this guide, making minor edits
Vityaz when the Vityaz assessment is discontinued on January all content. Platts consolidated guidelines around publishing through the text. Platts also updated its methodology for Middle
2, 2016. Platts removed references to discontinued assessments information during the MOC assessment process into the Eastern crude oil, noting a change where full cargos converge
for Lower Zakum and Umm Shaif following the launch of MOC Data Publishing Principles section, and incorporated on the 20th partial between a buyer and seller, forming cargos
the Das Blend assessment and the removal of the codes clarification guidance about how to express interest in bids of 500,000 barrels each. Platts added information regarding
associated with those assessments. Platts added information and offers that were published in January 2014 and May 2014. its new Light Houston Sweet (LHS) assessment, which had
about its new WTI MEH assessment reflecting Midland grade Platts also incorporated clarifications around book-outs, circle- previously been published in a separate document. Platts also
WTI crude oil trading at the Magellean East Houston terminal. outs, and editorial review of reported trades. The guide was added details regarding assessments for Akpo, Bonga, Pazflor,
Platts also amended the guide to reflect the renaming of its updated to add details regarding new assessments for Das Plutonio and Djeno crude oils.
Canadian Syncrude Sweet assessment to Syncrude Sweet Blend crude; correct the implementation date for valuing Asian
Premium. This methodology guide was also updated to include crudes versus the ADB Strip to September 2013; remove a August 2013: Platts revamped all Oil Methodology and
further description of Platts’ processes and practices in survey reference to Oman quality specifications; add details regarding Specifications Guides, including its Crude Oil guide, in August
assessment environments. Platts made other minor edits Minas and Tapis partials; update Platts QP calculations formula; 2013. This revamp was completed to enhance the clarity and
throughout. remove references to Palanca/Soyo, Kole, and Rabi Light, usefulness of all guides, and to introduce greater consistency of
which are no longer assessed; update descriptions of Urals CIF layout and structure across all published methodology guides.
December 2014: Platts updated this guide making some Rotterdam and CIF Augusta; incorporate additional Azeri Light Methodologies for market coverage were not changed through
minor edits. Platts also updated the methodology to reflect descriptions; revise Urals CFD descriptions; clarify language this revamp, unless specifically noted in the methodology guide
the use of full cargoes to assess Tapis and Minas crude oil describing the US and Canadian pipeline rolls; update latest itself.

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