In the late 1980s, Brent crude became the benchmark on which most of the world’s oil is priced and is still used to set the price of the multi-trillion dollar Intercontinental Exchange Brent futures market. Created with Highcharts 6.0.4Shrinking BasketOil production that sets the Brent price isforecast to fall without new additions fromNorth Sea fields.Oil production that sets the Brent price is forecast to fall without new additions from North Sea fields.Source: S&P Global Platts AnalyticsNote: Forecasts are from 2019 onward “The role it has played is a cornerstone for this industry now for 40 plus years,” said Steve Phimister, vice president of upstream and director of U.K. operations at Shell. The Brent benchmark will keep its name and increasingly represents a blend of North Sea crudes, with the potential to include oil from other locations in the future. Shell discovered the field in 1971 and named it after […]