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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
