OPEC Secretary-General Abdalla El-Badri said U.S. benchmark West Texas Intermediate crude is unsuitable as a reference for international oil trading and North Sea Brent crude isn’t perfect either. The Organization of Petroleum Exporting Countries official spoke to reporters in Dubai today about the widening gap between WTI and Brent.
“In the past, the reference was WTI, and now it is the reverse. Whoever uses WTI as a reference crude, yes they have problems. They used to be close together, but now the gap has widened, so the comparison does not mean anything. This is the concern of everybody. Another crude reference must be found. Even Brent is a problem, because the quantity is getting less and less. A study must be done to see the most suitable price as a reference. This is a member country business. Each member country must figure it out by itself.”