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Oil price benchmarks in international trade: it is time for another oil change

Abstract:

The Brent market is reputed to determine the price for about two-thirds of the world’s oil trade. Yet Brent is probably the least appropriately regulated commodity market in the world.

The two-thirds estimate is difficult to verify because so much of what is traded takes place in the opaque over-the-counter (‘OTC’) market. Nevertheless the proportion of international oil pricing that relies on a Brent index is undeniably large and is still growing.

While Brent looks set to be...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Publisher:
Oxford Institute for Energy Studies
Journal:
Oxford Energy Forum Journal website
Volume:
87
Pages:
6-8
Publication date:
2012-02-05
ISSN:
0959-7727
URN:
uuid:de46cde4-4e78-4a1e-be9a-5f39a86023aa
Local pid:
ora:11208
Language:
English
Keywords:

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