Dated Brent goes Cif —ten key questions

Petroleum Economist asks Adi Imsirovic, former head of crude trading at Gazprom Marketing & Trading, about the major issues thrown up by Platts’ proposed change

Price reporting agency (PRA) S&P Global Platts has proposed changing its Dated Brent assessment—the leading global light-sweet crude benchmark—from a Fob to Cif Rotterdam basis from March of next year. It also intends to include the US WTI Midland grade in the basket alongside existing North Sea crudes. The move has proven relatively controversial, with the Ice exchange, venue of the majority of the financial Brent trading, sending Platts a letter outlining concerns that subsequently leaked. Rival PRAs have queued up to advertise their wares as alternatives should the market choose to reject Platts’ proposal and the PRA refuse to budge. “The move of both Dated and BFOET assessments