S&P Global Platts said on March 22 its trading platform would allow participants to specify any restrictions on the origin of products, in a move that could make it easier for market players to boycott Russian oil.
The company, which also publishes daily prices for oil and oil products, said it was making the change based on feedback from participants in the European oil product markets.
“Given the importance of verifiable market information, particularly at a time of such uncertainty and volatility, Platts will publish bids, offers and indications to trade that include restrictions on origin, where appropriate,” the agency said.
It said European market players were increasingly seeking to include restrictions on the oil products they trade relating to the provenance and ownership of the material, its origin and/or transport arrangements.
While the announcement did not mention Russia by name, many oil majors and traders have said they have stopped buying oil from Russia since its invasion of Ukraine on Feb. 24.
Oil major Shell Plc, was one of the first companies to say it would stop buying Russian oil and was followed by others including Italy’s ENI SpA and Norway’s Equinor ASA.
Russel Hardy, CEO of the world's largest oil trader Vitol, said on March 22 customers did not want to buy Russian oil.
He added the trading firm had stopped spot purchases of Russian oil, although it has maintained existing longer term contracts.
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