BP Backs Adding WTI Midland Oil Grade to Brent

“BP strongly believes that the inclusion of WTI Midland, executed correctly, is the best solution for enhancing liquidity, retaining Brent as a well-supplied and trusted light, sweet benchmark,” according to a document seen by Reuters.

Julia Payne, Reuters

BP Plc supports adding U.S. crude oil grade WTI Midland on a delivered basis to the North Sea dated Brent benchmark, which underlies the Brent futures contract, according to a document seen by Reuters.

Brent is vital to global oil trading as it is used to price more than half the world's physical crude. It is now based on five North Sea crudes—Forties, Brent, Oseberg, Ekofisk and Troll—but those supplies are in long-term decline.

Oil pricing agency S&P Global Platts and Intercontinental Exchange (ICE), the home of Brent futures trading, have held discussions on the benchmark, after an earlier Platts proposal to include WTI was delayed because of industry pressure.

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