Brent assessment set to change

The method for assessing the Brent global benchmark crude oil price is scheduled to change in 2018. The Brent price benchmark reflects transactions involving physical cargoes of several specific grades of crude oil in the North Sea, located between the UK and Norway. Declining production of some of the four North Sea crude oil grades currently used to calculate the Brent benchmark has prompted Platts, to announce that cargoes of Norway’s Troll crude oil will be included in its Brent price assessment beginning in 2018.