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Global oil benchmark resolves its existential crisis
The addition of US crude to the world’s top oil benchmark has finally solved its North Sea conundrum and laid down a marker for the future
Letter from London: OPEC’s new chapter
Scepticism, confusion and disdain over OPEC+’s extended and deeper supply cuts should give way to an appreciation of the new multi-speed producer alliance
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Have India’s imports of Russian crude peaked?
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Shipping shrugs off Hormuz Strait incidents
Despite contradictory claims of increased tensions in Mideast Gulf waters and possible rapprochement between the US and Iran, the situation appears business as usual for freight
China pumps record crude despite economic headwinds
Record domestic production and high imports contrast with weak economic growth to raise the question of how much more crude China can store
Oman carves out niche in global energy trade
The country punching way above its weight in energy is less the story of a hydrocarbon bonanza and more that of a nation seeking to make the best out of what is available
India’s SPRs could be too little, too late
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Is LNG getting easier again for trading houses?
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Kazakhstan is key to the Middle Corridor
The race to go around Russia is on and the New Silk Road has a Central Asian energy flavour
Oil markets Trading
Peter Ramsay
24 February 2021
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Dated Brent—all change but business as usual

The sheer scale of financial infrastructure around the crude market’s most important global benchmark means the wider trading market will largely shrug off any physical implications from a Fob-to-Cif switch

The storied Dated Brent contract could see another major plot twist in July next year, with price reporting agency (PRA) S&P Global Platts proposing to change the assessment from a Fob to Cif Rotterdam basis. It also intends to include the US WTI Midland grade in the basket alongside existing North Sea crudes. There has been a Cif element in Brent since October 2019, when Platts began including Cif Rotterdam trades of the constituent Brent, Forties and Norwegian Oseberg, Ekofisk and Troll grades, adjusted back to Fob using a freight calculator. And the PRA opened a consultation in December on including the US WTI Midland grade in Brent from March of next year. Sverdrup option So, the swi

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