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

The world’s oil-price benchmark is being radically reformed
Dated Brent anchors markets beyond petroleum. (Image: Getty)
The Economist
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...

More Energy

Gas and electricity contracting complaints investigated
Law & Regulation

Gas and electricity contracting complaints investigated

Regulator looks at clamour around energy contracts.

Ian Llewellyn 14 Aug 2025
Gas users warn of business closures
Energy

Gas users warn of business closures

Half have cut back operations already, more are joining them.

Ian Llewellyn 12 Aug 2025
From the Red Sea to greening up shipping
Infrastructure

From the Red Sea to greening up shipping

The head of the United Nations maritime agency has visited NZ for the first time. 

Oliver Lewis 12 Aug 2025
Jones looking at gas rationing
Economy

Jones looking at gas rationing

“The wholesale hollowing out of the regional manufacturing sector.” 

Ian Llewellyn 11 Aug 2025