Platts, part of S&P Global Commodity Insights, on Wednesday (1 March) said it will no longer reflect Russian material as part of its open-origin assessment of low- and high-sulfur fuel oil cargoes and all bunker assessments in Asia and the Middle East, effective March 1, 2023.
This decision follows a consultation to review the merchantability of Russian material in the Asian high- and low-sulfur fuel oil and bunker markets by Platts announced on Feb. 10: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/021023-platts-invites-feedback-on-merchantability-of-russian-material-in-asia-fuel-oil-bunker-assessments
The majority of feedback that Platts received suggested that Russian-origin material was no longer merchantable in the open-origin Asian fuel oil and bunker markets and supported its exclusion from the relevant Platts assessments.
Platts has observed an increasing number of participants in the Asian fuel oil Market on Close assessment process is already restricting delivery of Russian-origin material in its bids, offers and trades.
Feedback received ranged from concerns around breach of previously announced international sanctions on Russia to potential implications for trading operations from the Feb. 5 G7 price caps on seaborne Russian petroleum products. Platts understands that oil market participants in Asia typically use G7-domiciled trade financing, shipping and insurance services to facilitate trade.
During the consultation, Platts also noted diverse definitions of origins used by companies restricting Russian material as well as how the G7 price cap applies through supply chain operations such as blending. Platts will continue to observe evolving market practice to ensure its origin standards remain consistent with the broader market.
Note: The full subscriber note can be found here.
Photo credit and source: S&P Global Platts
Published: 2 March, 2023
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