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