Norway’s Troll field
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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
