A wider and more volatile spread between steel and iron ore prices and pandemic-fueled supply chain disruptions have given rise to a quiet revolution in steel pricing. This report seeks to examine the approaches to steel indexation used across different regions of the world and considers barriers to adoption alongside steps taken by existing adopters to overcome them. LAUNCH REPORT

From modest beginnings in 1983 when the first container terminal was opened in Fujairah, the port has grown over the last 30 years to become the world's third-largest global bunkering hub after Singapore and Rotterdam. Launch Report

Russia's war on Ukraine has already disrupted more than 2 million b/d of crude and oil products supplies from the world's second biggest crude exporter, according to S&P Global Commodity Insights, as both official sanctions and industry avoidance crimp flows. The biggest casualty so far is Europe which imports about 30% of its oil from Russia including 1.5 million b/d of mostly diesel and gasoil.A collapse in demand for Russia's oil in the region has already seen Urals crude prices hit record global exports means more countries could be forced to replace its vital energy flows. Click here to view the infographic in full size

Russia's invasion of Ukraine has triggered an unprecedented wave of sanctions against Moscow which are rippling through global commodity markets. In addition to official sanctions which continue to evolve, major self-sanctioning by industries looking to cut ties with Russia have deepened the market impact. Click here to see the full size version

Click here to explore the interactive infographic Russia's invasion of Ukraine sent agricultural commodities spiraling Feb. 24 following monthslong tensions in the Black Sea region that kept prices of key grains such as wheat highly volatile.As both Russia and Ukraine command clout in global trade flows of grain and vegetable oil, rising uncertainty in the region around port closures and blockages on vessel navigation are expected to keep prices of commodities such as sunflower oil, corn and wheat elevated in the near term.While commercial movement in the Azov Sea stands closed , markets await clarity whether the invasion is only restricted to the two contentious provinces as navigation in the Black Sea still remains open.Any disruption to trade flows could potentially affect food security and prices, at a time when food inflation has soared to a record high in the last one year. Read full factbox: Russia's Ukraine invasion seen disrupting vegetable oil, grain trade flows

Conflict in Ukraine following Russian troops launching attacks across international borders on Feb. 24, has already had a major impact on prices of key commodities from oil and gas through to steel and grains. Europe is heavily reliant on gas and Urals crude via the Druzhba pipeline to refiners across the region. Ukraine is also considered Europe's bread basket and a major supplier of wheat amongst other key commodities shipped through its ports.S&P Global Platts Analytics has said its base case demand forecast continues to assume growth of 4.1 million b/d in 2022. However, under a limited incursion scenario in Ukraine, global demand growth could ease by 0.7 million b/d. Click here to see full-size infographic This infographic was originally released on Feb. 15 and updated on Feb. 24. Related factbox: Commodity markets rattled as Russia 'invades' Ukraine Related podcast:

In our evolving energy system, emerging and traditional fuels will coexist for years to come. This report examines how market flexibility, price transparency and technology innovation are responding to the decarbonization challenge. LAUNCH REPORT

Building the framework of a low carbon crude market Oil and gas are projected to be part of the ongoing energy mix for decades to come, however, ensuring a low carbon footprint of the upstream operations that underpins this ongoing development is critical. Platts will outline how they have evaluated ongoing crude production, using a bottom up approach, that provides a transparent insight into best practices associated with decarbonizing upstream production. LAUNCH REPORT

Building the framework of a low carbon crude market Oil and gas are projected to be part of the ongoing energy mix for decades to come, however, ensuring a low carbon footprint of the upstream operations that underpins this ongoing development is critical. Platts will outline how they have evaluated ongoing crude production, using a bottom up approach, that provides a transparent insight into best practices associated with decarbonizing upstream production. LAUNCH REPORT

An interactive editorial project exploring the changing relationship between geopolitical risk and the price of crude. This analysis shows how diversity of supply, higher levels of global spare capacity and the expansion of strategic petroleum reserves have helped to insulate markets from the risk of supply disruptions in the Middle East and beyond. LAUNCH REPORT

From the impact of COVID-19 on global demand to the long-term effect of energy transition on petroleum producers and refiners, crude quality has never been more important.This is why the editorial team at S&P Global Platts has created a fourth edition of the interactive Periodic Table of Oil with new crude grades, carbon intensity values, a significant redesign and new functionality to help customers plan and make more informed decisions in rapidly changing volatile markets.The market value of a crude grade has traditionally been defined by its density and sulfur content, but as the oil sector looks to better understand the emissions associated with producing different grades, carbon intensity could emerge as an important characteristic.Platts Analytics has started evaluating the carbon intensity of crude production across 104 fields . The results show a wide spectrum, from as low as 1.56 kg of carbon dioxide equivalent per barrel of production for Norway's Johan Sverdrup field, up to 175 kgCO2e/b for the San Joaquin basin in California.There are hundreds of different grades and varieties produced around the world, from light sour Murban in the UAE to Norway's light-sweet Ekofisk and Mexican heavy-sour Maya crude.This interactive chart allows readers to find key information in one place on region of origin, price, trade volumes, sulfur content, viscosity, carbon intensity, trade flows and benchmarks.The latest update as of February 2022 includes:-New carbon intensity tool, focusing on upstream emissions of some oil fields-New production and price data for 150 of the world's most traded crude grades-New WAF tab to key assessments discovery tool-Improved functionality – shifted to D3.JS-Significant style redesign-Removed refineries tab Click here to access the interactive Platts Periodic Table of Oil Platts Periodic Table of Oil has been selected as a finalist in the 66 th Annual Jesse H. Neal Awards competition.

Crude grades from the North Sea, the main pricing hub for high quality light sweet oil, have emerged as the least carbon-intensive globally, according to an analysis of S&P Global Platts data, as the upstream industry seeks to adapt to the energy transition by reducing emissions at the wellhead.At least six out of the eight low-carbon crude grades listed in the Platts Periodic Table of Oil originate from the North Sea basin.Norway's Johan Sverdrup, Oseberg, Grane and Heidrun, and the UK's Clair and Kraken crude grades are produced from fields with upstream operations emitting less than 15 kg of CO2 equivalent per barrel.The North Sea is also home to Platts Dated Brent, the world's important crude oil benchmark, against which more than half of the world's oil is priced.Dated Brent soared to over $100/b on Feb. 16, the highest since Sept. 4, 2014, data showed, with an extremely tight physical crude market supported by resurgent demand, uncomfortably low spare capacity, shrinking oil inventories and geopolitical tensions.Carbon intensity has emerged as a new barometer in the oil industry, and is being viewed similar to the way the market looks at sulfur. The higher the carbon intensity of a crude, the lower its value will be, as this oil is crude produced at a relatively high rate of emissions. The offshore fields in the North Sea and Gulf of Mexico boast low carbon intensity crudes, according to Platts Carbon Intensity calculations."These offshore fields have little to no flaring associated with the production of crude and in some cases, like Johan Sverdrup, are powered almost 100% by renewable sources, in this case hydropower, ensuring that the carbon footprint associated with these assets is extremely low," said Deb Ryan, Head of Low Carbon Market Analytics at Platts.Many fields in the North Sea use renewable energy for their power instead of diesel generators, which sharply reduces their carbon intensity. Producers in the Gulf of Mexico have to adhere to strict regulations on flaring and spills, which can help reduce carbon emissions.US medium sour crude Mars, produced in the Gulf of Mexico, along with Angolan medium sweet Girassol, are also classified as low-carbon crude grades by Platts. Net zero emissions Platts Analytics has started evaluating the carbon intensity of crude production across 104 fields. The results show a wide spectrum, from as low as 1.56 kg CO2e/boe of production for Johan Sverdrup, up to 175 kgCO2e/b for the San Joaquin basin in California.Platts Carbon Intensity values reflect the impact of greenhouse gas emissions from wellhead production to the storage terminal. This considers the production, flaring and venting, maintenance activities, production processing and transport to the storage hub.The market value of a crude grade has traditionally been defined by its density and sulfur content, but as the oil sector looks to better understand the emissions associated with producing different grades, carbon intensity is becoming an important benchmark.Keen to hit net-zero emission targets, oil producers and industry players have become increasingly focused on reducing the carbon intensity of their upstream operations in recent years.Energy majors such as BP, TotalEnergies and Shell have vowed to prioritize upstream spending on lower-carbon oil and are expected to increasingly sell their stakes in higher-carbon projects.Many oil and gas companies are already looking to reduce their carbon footprints by employing many different strategies, such as reducing flaring, shifting to less carbon-intensive production, creating more low-carbons fuels, investing in carbon offsets and adding carbon capture, among other avenues, to stay viable.From the impact of COVID-19 on global demand to the long-term effect of the energy transition on petroleum producers and refiners, crude quality and its carbon intensity have never been more important. The 4th edition of the interactive Periodic Table of Oil contains new crude grades, carbon intensity values, a significant redesign and new functionality to help customers plan and make more informed decisions in rapidly changing volatile markets.

Oil pumped offshore Norway and the US Gulf Coast continued to rank among the lowest in carbon intensity while crude from Venezuela's Orinoco Belt and a few fields in California, Canada and the Middle East were among the biggest emitters, according to the latest calculations by S&P Global Platts Analytics.The updated rankings published Feb. 15 look at the carbon intensity of 104 crude streams across the world, with values expressed in kilograms of carbon dioxide equivalent per barrel of oil equivalent.Many oil and gas producers are scrutinizing the emissions impact of their portfolios to determine which fields will have staying power as fossil fuel investment shrinks. Carbon pricing and other climate policy could create a premium for the least-intensive crude streams.The Oil and Gas Climate Initiative, a CEO-led consortium of companies responsible for about one-third of global production, has set targets to reduce upstream carbon intensity to 17 kgCO2e/b by 2025 and bring an end to routine flaring by 2030. Of the 104 fields ranked by Platts Analytics, 39 would currently meet the 2025 target.Producers are reducing upstream emissions through cogeneration facilities, modernizing compression plants, improving leak detection, ending venting and reducing flaring.Environmental groups say the efforts do nothing to eliminate Scope 3 emissions, which are the vast majority of global warming emissions tied to the use of fuels in airplanes, cars, petrochemicals and elsewhere downstream.Platts Analytics' calculations represent the greenhouse gas emissions of a field's current operations from the wellhead to storage or export terminal, including upstream activities like flaring and venting but not exploration and drilling. Offshore efficiencies The calculations show a massive range of upstream impacts, from 1.6 kgCO2e/boe for Norway's offshore Johan Sverdrup to 1,460 kgCO2e/boe for Venezuela's Orinoco Belt.Offshore UK and Norway producers increasingly use renewable power to run their platforms instead of coal or natural gas, which sharply reduces emissions per barrel produced.Offshore Gulf of Mexico production also claims low carbon intensity because advanced subsalt imaging practices have helped drillers target the most efficient reservoirs. These fields range from 12.1 kgCO2e/boe to 23.1 kgCO2e/boe under the latest estimates.Kuwait's Burgan field, new to the list, is the lowest onshore stream at 16.8 kgCO2e/boe.Platts Analytics carbon analyst Varaleka Pant said Burgan -- along with Saudi Arabia's offshore Safaniya and UAE's onshore Fateh, both of which are below 20 kgCO2e/boe -- show that even aging fields can have low per-barrel carbon intensities, given high production volumes and limited flaring. Cleaning up the upstream Methane controls largely determine where US onshore shale drillers fall on the CI scale, and the entire sector will be forced to tighten these emissions further under the Environmental Protection Agency's latest proposed methane rule. US onshore operations range from about 18.1 kgCO2e/boe in the Permian and Delaware basin to 95.4 kgCO2e/boe near the Louisiana Gulf Coast, according to Platts Analytics.Canadian oil sands operations on the list have CI values of 43.6 kgCO2e/boe to 119.8 kgCO2e/boe, driven by the need for gas-powered steam injections to mine the heavy bitumen. Some producers are trying to lower emissions with cogeneration and solvent-based assistance.California's medium to extra-heavy San Joaquin oil ranks second-highest on the list at 177.9 kgCO2e/boe because the aging field requires large steam injections and heavy water management.The extreme carbon intensity of Venezuela's Orinoco belt shows that this crude stream would face challenges in a world with tight carbon budgets, even if not for the existing sanctions limiting its reach. The crude has high levels of dissolved gas that gets flared out, and the fields use energy-intensive processes like delayed coking and hydrocracking to upgrade the crude quality, Pant said."Reduction in wellhead flaring and adoption of integrated energy technologies such as cogeneration systems can help significantly bring down the carbon intensity for the oil-rich Orinoco Belt," she said. Click here to see full-size image

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Q4 2021 - S&P Global Platts Quarterly Report No. 17 LAUNCH REPORT