BP backs adding WTI crude in dated Brent benchmark

  • BP supports a proposal to include U.S. WTI Midland crude oil in the assessment of the North Sea Dated Brent crude benchmark as "the best solution for enhancing liquidity, retaining Brent as a well-supplied and trusted light, sweet benchmark," Reuters reports.

  • Brent crude, which is used to price more than half the world's physical crude, currently is based on five North Sea crudes - Forties, Brent, Oseberg, Ekofisk and Troll - but those supplies are in long-term decline.

  • BP also reportedly said it does not support the idea of adding Norway's Johan Sverdrup field to Dated Brent because it was a more sour crude grade, according to the report.

  • S&P Global Platts and Intercontinental Exchange, the home of Brent futures trading, have held talks on the benchmark, after an earlier Platts proposal to include WTI was delayed because of industry pressure.

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