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Price assessments for crude delivered to Shandong

Argus delivered ex-ship (des) Shandong assessments are Des Shandong vs Ice Brent $/bl 5 the first transaction-based prices for China, allowing traders, Tupi (Lula) Johan Sverdrup Djeno ESPO Blend Oman producers and refiners to shift from risky fixed-price deals to 4 3 floating-price indexation. 2 Des Shandong Johan Sverdrup: a major new source of supply 1 and competitor to Brazilian and west African grades 0 -1 -2 Des Shandong Tupi (Lula): the first-ever price assessment for -3 — Argus Crude Brazil’s largest export stream in its major market -4 May Jun Jul Aug Sep Des Shandong ESPO Blend: complementing Argus’ fob Kozmi- no assessment for Russia’s key Asia-Pacific export grade Des Shandong: Core grade transactions mn b/d 1.4 Des Shandong Oman: this assessment indicates the marginal Djeno ESPO Tupi (Lula) Oman Johan Sverdrup 1.2 price for competing sour grades such as Urals and Mars 1.0 — Argus 0.8 Des Shandong Djeno: Djeno is a key reference for supplies of 0.6 medium sweet west African crude to China 0.4 0.2 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Delivery month Des Shandong trade flows

Johan Sverdrup

ESPO Blend Shandong

Oman

Djeno

Tupi

Petroleum illuminating the markets These assessments and correlating data and analysis are available in Argus Crude and Argus China Petroleum Contact us to find out more: [email protected] Delivered ex-ship www.argusmedia.com/en/crude-oil (des) Shandong crude assessments Shandong, China: where Asia-Pacific’s first spot market for crude has emerged

des Shandong des Shandong des Shandong des Shandong des Shandong Tupi ESPO Blend Djeno Oman Johan Sverdrup

Congo Brazil Russia Oman Norway Origin (Brazzaville)

Acu, Santos basin Loadport FPSO (Brazil); La Kozmino Nkossa, Djeno Mina Al Fahal Mongstad Paloma (Uruguay) Qingdao, Qingdao, Qingdao, Qingdao, Qingdao, Huangdao, Huangdao, Huangdao, Huangdao, Huangdao, Dongjiakou, Rizhao Destination port Dongjiakou, Rizhao Dongjiakou, Dongjiakou, Dongjiakou, and Yantai and Yantai Rizhao and Yantai Rizhao and Yantai Rizhao and Yantai Average transaction 320 160 120 100 170 volume ('000 b/d) Differential to front Differential to front Differential to Differential to Differential to month Ice Brent month Ice Brent front month Ice front month Ice front month Ice Description in the month of in the month of Brent in the month Brent in the month Brent in the month delivery delivery of delivery of delivery of delivery API° 29.3 API° 35.6 API° 27.6 API° 33.3 API° 28 Quality Sulphur 0.36% Sulphur 0.48% Sulphur 0.34% Sulphur 1.06% Sulphur 0.8%

How Argus Average of deals Average of deals Average of deals Average of deals Average of deals assesses the done over the day done over the day done over the day done over the day done over the day prices

40-80 days 40-80 days 60-100 days Assessment 50-90 days forward 30-70 days forward window forward forward forward

First-ever Barometer of Brings price Clearing price assessment for regional prices; transparency at for sour crude in Major new North Brazilian pre-salt gives full pricing the point of sale to northeast Asia Sea-China trade Benefits stream at point of visibility down the trading companies and core grade flow sale in its major seaborne supply buying or selling in the Shandong market chain west African crude market PA0025004 PA0030054 Price PA0025005 (Tupi PA0025006 (ESPO PA0026713 (Oman (Djeno delivered (Johan Sverdrup assessment delivered ex-ship Blend delivered ex- delivered ex-ship ex-ship delivered ex-ship name / codes for Shandong) ship Shandong) Shandong month) contracts Shandong) Shandong month)