Brent Benchmark Set for Revamp With Oil From Around the World

Platts opens consultation to add CIF Rotterdam pricing
Considers adding grades from Caspian, U.S. and West Africa

A crew man secures Gulf Marine oil drums on the deck of oil tanker 'Devon' as it prepares to transport crude oil from Kharq Island to India in Bandar Abbas, Iran, on Friday, March 23, 2018. Geopolitical risk is creeping back into the crude oil market.Photographer: Ali Mohammadi/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Javier Blas, Dan Murtaugh, and Sherry Su

September 24, 2018 at 2:01 AM UTC

Updated on

September 24, 2018 at 5:21 AM UTC

This article is for subscribers only.

North Sea Brent crude could see the biggest overhaul since it became a major benchmark more than 30 years ago as the industry considers including oil from as far away as Central Asia, West Africa and U.S. shale fields in its price assessment.

The price of Brent is key for the global oil industry as it underpins more than half the crude traded worldwide in the physical market plus billions of dollars in financial derivatives traded by big Wall Street banks, hedge funds and others.