Middle East Oil Eyes Global Benchmark Status

Two years ago, West Texas Intermediate, the U.S. benchmark crude blend, joined the most traded, most liquid contract in the world: Brent. The move was hailed as a watershed moment in oil trading. With the oil market constantly changing, there could come a time when a Middle East blend might come to rival the international benchmark. This time, to be fair, is still quite far in the future, and there are serious challenges on the way to such rivalry, but it is a possibility, according to Energy Intelligence author Adi Imsirovic. In a recent opinion…