Global Oil Benchmark Brent Could Soon Incorporate U.S. Crude
- Platts opens consultation to add WTI Midland to Dated Brent
- If approved, change would affect cargoes starting March 2022
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S&P Global Platts is considering adding a U.S. crude grade to its main North Sea benchmark, potentially transforming a marker price for millions of barrels of crude oil transactions each day.
The pricing agency has opened consultations on adding West Texas Intermediate Midland crude to the Dated Brent benchmark and is inviting feedback on the proposal until Feb. 5. Dated Brent is used to set more than two-thirds of the world’s physical oil prices and ultimately influences the price of Brent oil futures.