Norway’s Troll field
Global oil benchmark resolves its existential crisis
The addition of US crude to the world’s top oil benchmark has finally solved its North Sea conundrum and laid down a marker for the future
Dated Brent, used to price at least two-thirds of global crude, has gone from evolution to revolution. Just over one year ago, oil-price publisher Platts went from adding other local North Sea crude streams into the benchmark to the relative unknown of adding WTI Midland. With seemingly flawless logic, the market’s support and a leap of faith, the shift opened up Brent to truly live up to its name as a global oil-price barometer. The seismic shift was necessary. The British and Norwegian grades underpinning the contract were dwindling. Brent, Forties, Oseberg and Troll had dropped to below 700,000b/d in the middle of 2023 from 850,000b/d in December 2020 and with that fall fewer bids and off
Also in this section
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
8 January 2026
The region’s access to versatile feedstock, combined with policy support, is setting it up to meet growing demand both at home and abroad
7 January 2026
No longer can the energy source be considered a sidekick to oil in the Middle East and neither should it step aside for less convincing alternatives
