Another type of crude oil to be included in calculation of the Brent price benchmark
U.S. Energy Information Administration ------ 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 United Kingdom and Norway. Declining production of some of the four North Sea crude oil grades currently used to calculate the Brent benchmark has prompted the price reporting agency, Platts, to announce that cargoes of Norway’s Troll crude oil will be included in its Brent price assessment beginning in 2018. Offshore crude oil pipeline and transportation infrastructure systems often blend crude oil produced by several different fields into one stream, or grade, of crude oil. The crude oil marketed and sold from the system often takes the name of the most prominent field. The Brent oil field that the benchmark is named for is located in the United Kingdom territorial waters of the North Sea between the Shetland Islands and Norway. The Brent field was discovered in 1972, and production from Brent began in 1976. To learn more click on the picture below to read more.