Search results
Results from the WOW.Com Content Network
Oil platform in the North Sea. Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself.
North Sea Brent Crude Oil is the leading benchmark for Atlantic basin crude oils and is used to price approximately two-thirds of the world's traded crude oil. Other well-known benchmarks are West Texas Intermediate (WTI), Dubai Crude, Oman Crude, and Urals oil. [212]
Brent crude is still used today as a standard benchmark for pricing oil, although the contract now refers to a blend of oils from fields in the northern North Sea. From the 1960s to 2014 it was reported that 42 billion barrels of oil equivalent (BOE) had been extracted from the North Sea since when production began.
Shell initially named all of its UK oil fields after seabirds in alphabetical order by discovery – Auk, Brent, Cormorant, Dunlin, Eider, Fulmar and so on. Brent refers to the brent goose, and in turn gave its initials to the geologic subdivisions of the Middle Jurassic-age Brent Group that make up the field: Broom, Rannoch, Etive, Ness and Tarbert formations, with each name representing a ...
Since U.S. WTI Midland crude oil transactions joined the dated Brent price assessment a year ago, U.S. oil exports have overshadowed the role of Cushing as a storage and pricing hub, traders and ...
The Brent System pipeline transports oil from the North Sea oilfields via Cormorant Alpha to the Sullom Voe Terminal in Shetland, Scotland. [1] Since 3 August 2009, it is operated by Abu Dhabi National Energy Company replacing the previous operator Royal Dutch Shell. [1] [2] The Brent system is jointly owned by 21 companies. [1]
Platts said WTI and Brent were the cheapest grades and helped establish the dated Brent price. Brent crude oil futures dropped by almost 5% and dated Brent as assessed by Platts dropped by 1.8% to ...
West Texas Intermediate crude oil surged 4.06% to $76.92 a barrel. Brent crude, the international benchmark, was higher by 3.82%, at $79.86 a barrel. Gold jumped 1.12% to $2,720.90 an ounce.