U.S. Crude Will Help to Set Global Brent Oil Benchmark From 2022
- Platts to add WTI Midland to its key Dated Brent benchmark
- Most of the world’s oil traditionally priced in the North Sea
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The North Sea oil price that serves as a benchmark for millions of barrels of physical crude transactions each day will from next year be set partly through buying and selling of U.S. cargoes, triggering a rush for many parts of the market to be ready in time.
Starting next summer, S&P Global Platts will incorporate West Texas Intermediate into its Dated Brent benchmark. The move rubber stamps a proposal the company put forward in December, which it said found widespread support among market participants.