Your Brent Crude May Come From Africa, Kazkhstan or Algeria In the Future

The head of the world’s biggest oil trading company has called for immediate and far-reaching reform of Brent, the oil marker for more than half of the world’s internationally traded crude oil supplies.

The comments by Vitol chief executive Ian Taylor mark the latest intervention in a debate about the effectiveness about Brent, which critics claim is a “broken” benchmark.

Mr Taylor said Brent – the international crude benchmark – was becoming less “efficient” because North Sea oil supplies were dwindling and an increasing number of cargoes were being shipped to Asia.

“As an industry we have a major problem that we have to solve,” Mr Taylor told International Petroleum Week, an industry conference in London. He said Brent should be widened to include grades from west Africa, Kazakhstan, Algeria and possibly Russia and even the US.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu