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In accordance with the contract of crude oil futures of Shanghai International Energy Exchange (hereinafter referred to as INE), Delivery Rules of Shanghai International Energy Exchange, INE Circular defining the Deliverable Crude Streams, Deliverable Grades, and Final Settlement Price Differentials for Shanghai International Energy Exchange Crude Oil Futures (INE Circular [2018] No. 2) and the status quo of domestic and overseas markets, INE hereby decides to adjust the price differential standard of Basra Light crude oil as follows:

The deliverable crude streams, deliverable grades and final settlement price differentials for INE crude oil futures


Deliverable Crudes

API Gravity

Sulfur (%)

Price Differential

(Yuan / Barrel)

United Arab Emirates





United Arab Emirates

Upper Zakum




Sultanate of Oman





State of Qatar

Qatar Marine




Republic of Yemen





Republic of Iraq

Basra Light





3.5 and ≤4.0


≥26 and <28



People’s Republic of China





1. API gravity = (141.5 / S.G.60/ 60 °F) – 131.5; S.G.: as per ASTM D1298

2. Sulfur content: as per ASTM D4294

3.Basra Light crude oil with API greater than or equal to 28, sulfur content greater than 3.5% and lower than or equal to 4.0% could be blended with Basra Light with API greater than or equal to 26 and lower than 28, sulfur content lower than or equal to 4.0%, but neither of them shall be solely blended with Basra Light with API greater than or equal to 28 and sulfur content lower than or equal to 3.5%.

INE will closely track and review market developments in each deliverable crude stream, and make timely adjustments to the deliverable crude streams, grades, and/or price differentials accordingly.

INE hereby notifies as the above.


Shanghai International Energy Exchange

June 16, 2020

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