West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
West Texas Intermediate Midland crude will be added to the Brent benchmark in June.S&P Global: WTI Midland is the best candidate for this because it already has a fairly similar refining slate to most of the North Sea grades.
"We're really basing the world's biggest and most important oil benchmark off a very small pool of market activity," James Gooder, Argus vice president, The latter cites data from its Refinitiv service as showing the production of Brent, Ekofisk, Troll, Forties, and Oseberg—the original basket members—had fallen to less than 700,000 bpd from some 850,000 bpd in late 2020.
"WTI Midland is the best candidate for this because it already has a fairly similar refining slate to most of the North Sea grades," S&P Global's director for crude and fuel oil markets told Reuters.It is more than that, however. According to some analysts, WTI will not just become another member of the Brent crude basket. It will come to dominate it, and this means that U.S.
Permian oil production will be particularly relevant when WTI is added to the Brent crude basket. That's because"The vast majority of U.S. crude exports originate from Texas ports, and most of the crude shipped out originates from the Permian basin, which has been the growth engine for U.S.
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