• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 46 mins Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 21 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 11 hours Apology Accepted!
  • 3 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 14 hours U.S. natural gas at major disadvantage in Europe and China.
  • 15 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 hours Why Oil could hit $100
  • 3 hours The Political Genius of Donald Trump
  • 15 hours Putin Paid Militants to Kill US Troops
  • 20 hours CoVid in Spain, 9 months before China
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 20 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

The Battle For The World’s Top Oil Benchmark

Many countries would like to have their own crude grades as international benchmarks that others would price their volumes against, however, only very few countries can boast of such a thing. Brent is the leading world benchmark, the first one to get all the letters in what we should call hereafter MAST (movability, availability, scope and transparency). It was moveable across the planet due to its seaborne location and easy access to export infrastructure, it was available because the governments of United Kingdom and Norway guaranteed their non-interference in the companies’ system of operation, it was plentiful because North Sea production was one of the dominant forces in European production growth and it was transparent because relevant companies thought having a retraceable baseline was too noble a cause not to share information about concluded deals.

Throughout the last decades Brent has undergone lots of changes – from being used as a single-source benchmark, it has grown to include first Oseberg and Forties in 2002, then Ekofisk in 2007 and Troll in 2018, all the while battling difficult structural issues such as irrevocable production declines and dropping numbers of reported trade deals in BFOE physical cargoes. Thus, both the scope and transparency elements suffered heavily amidst reoccurring calls for a thorough reform of the benchmarking system. They were, it has to be said, completely legitimate as the whole BFOE basket went from 55.33 million…




Oilprice - The No. 1 Source for Oil & Energy News