Tag: benchmarks

  • Contracts for Difference and the Evolution of the Brent Complex

    By: Bassam Fattouh , Adi Imsirovic

    The sharp increase in US shale production since 2011 has resulted in structural shifts in regional and global oil trade flows. In turn, this is having a major impact on oil benchmarks inside and outside the US. Brent, the major benchmark for international oil trade, is likely to be impacted the most. While the volume […]

  • An Anatomy of the Crude Oil Pricing System

    By: Bassam Fattouh

    The main purpose of this report is to analyse the main features of the current crude oil pricing system; to describe the structure of the main benchmarks currently used namely Brent West Texas Intermediate (WTI) and Dubai-Oman; to clearly identify the various financial layers that have emerged around these physical benchmarks; to analyse the links […]

  • An Anatomy of the Oil Pricing System

    By: Bassam Fattouh

    The current oil pricing system has now survived for almost a quarter of a century, longer than the OPEC administered system did. While some of the details have changed, the fundamentals of the current system have remained the same since the mid 1980s. In the light of the 2008-2009 price swings, the current oil pricing […]