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
Dated Brent, used to price at least two-thirds of global crude, has gone from evolution to revolution. Just over one year ago, oil-price publisher Platts went from adding other local North Sea crude streams into the benchmark to the relative unknown of adding WTI Midland. With seemingly flawless logic, the market’s support and a leap of faith, the shift opened up Brent to truly live up to its name as a global oil-price barometer. The seismic shift was necessary. The British and Norwegian grades underpinning the contract were dwindling. Brent, Forties, Oseberg and Troll had dropped to below 700,000b/d in the middle of 2023 from 850,000b/d in December 2020 and with that fall fewer bids and off

Also in this section
3 July 2025
The July/August 2025 issue of Petroleum Economist is out now!
2 July 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region
30 June 2025
Government is sending out the right policy signals to support increased domestic gas development, but policy takes time to implement and even longer to yield results
27 June 2025
Gas-on-gas competition pricing has grown its share of consumption significantly over the past two decades, primarily at the expense of oil-price-escalation pricing, according to the IGU