An updated formula for pricing Brent crude could have “interesting” implications for tankers, according to Gibson.
The London shop noted that North Sea Brent cargoes, the main global benchmark for crude oil pricing, is “moving with the times” to reflect new market realities.
Based on North Sea production since the 1970s, questions have arisen in recent years over the benchmark’s viability for pricing oil contracts, given the declining output of Brent and other North Sea grades, with the implications this could have for trading liquidity.
