The world’s oil-price benchmark is being radically reformed

Dated Brent anchors markets beyond petroleum. (Image: Getty)

Fri, 02 Jun 2023

The price of Brent crude has a decent claim to be the world’s most important number. Two-thirds of the 100 million barrels a day of oil traded globally derive their price from it. So, do millions of futures contracts that buyers and sellers employ to manage risk. Some governments use the oil price to set tax rates; customers, for their part, are exposed through heating oil and petrol prices. Dated Brent, as the benchmark is formally known, also anchors markets beyond petroleum. It sets the price for liquefied natural g...

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