The price of the Brent international crude oil benchmark dipped below two Middle Eastern benchmarks that represent heavier, sour grades, Reuters reports , citing industry sources. Based on light sweet crude grades produced in the North Sea, Brent has traditionally traded at a premium to sour grades with a higher sulfur content that have been typically considered sort of lower quality than light sweet blends that yield higher amounts of fuels such as gasoline. However, heavy crude blends are essential for the production of middle distillates used for other types of fuels, including bunkering fuel, where a seismic change is coming next year: the International Maritime Organization is implementing stricter sulfur emission rules that will require refiners to adjust their production accordingly. Still this adjustment does not meant demand for heavy crude will fall. In fact, it is expected to rise. At the same time, OPEC is cutting the […]