LONDON, Feb 18 (Reuters) - Platts will take steps to reformsome of its oil price assessing mechanisms, the agency said onMonday, following changes proposed by oil majors Shell and BP earlier this month.
"Platts today formally proposes an escalator mechanism foruse in its price assessment process for Oseberg and Ecofiskcrude oils," Platts said in a statement.
Shell earlier this month announced it would apply a qualitypremium for forward contracts of BFOE - cash forward deals inBrent , Forties Oseberg and Ekofisk crudes - for contracts from May onwards.
BP, also a big North Sea trader, supports the changes.