Shell Says Russia Oil Must Be Considered for Brent Benchmark

11 May 2017   Russia

Market should discuss including Russian crude in global marker Says difficult to add more North Sea oil to current yardstick Royal Dutch Shell Plc , the world’s largest oil trader, said the time has come to debate using Russian crude to help determine the global Brent benchmark, in what would be the most radical shift in how European prices are calculated since the 1970s. Mike Muller, the head of crude trading at Shell, said at the Platts Global Crude Oil Summit in London that he wants a discussion about calculating the price in Europe using not just oil pumped in the North Sea — as has been the case since the 1970s — but potentially including Russian crude and even grades pumped in West Africa and the Caspian Sea basin. Shell is not just the largest oil trader but also the custodian of the master contract that governs the […]

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