Consultation

ICIS is implementing a process of rolling consultation on all of its methodologies. This consultation paper is part of this formal process and covers all of the ICIS primary price points included in the world crude weekly publications.

The consultation asked both general questions about the suitability of the ICIS methodology and questions addressing specific world crude market issues.

Click here to view the World Crude Methodology Consultation 2017

ICIS Decision

There were no formal responses to consultation GMC 15/17. ICIS will start including the Norwegian grade Troll to the Brent/Forties/Oseberg/Ekofisk (BFOE) basket as part of its assessment of Dated BFOE and related market assessments. ICIS will also begin to add Troll to its cash BFOE assessments.

It is planned that Troll will be added as part of its cash BFOE assessments for the January 2018 forward contract from 1 September 2017, while physical cargo trades of Troll will be considered when assessing Dated BFOE from 1 December 2017, in order to reflect cargoes with loading dates from 1 January 2018. Assessments will reflect Troll crude loading from the Mongstad terminal on an FOB basis. The standard size of a Troll cargo is 600,000 barrels.

Any decision to make further changes to this methodology will be communicated to subscribers using the usual channels and with the usual notice period. ICIS continues to welcome any feedback on its crude oil methodology outside of the formal consultation process.

To provide further comments or feedback please contact Barbara Ortner, Head of Market Reporting: Barbara.Ortner@icis.com

Consultation on this document closed on 1 July 2017