In 2023 the Brent oil benchmark a key international oil price marker for global crude oil
underwent a substantial change. It incorporated another key benchmark West Texas Intermediate
oil from Midland produced in the US and sold into European and Asian markets. Brent is used to
set prices for over 70 per cent of global crude oil so this fundamental change in the
composition of the benchmarks is making some observers question its future development and even
its survival. Lessons from the past are very important for the future particularly in this
case. This book revisits the history and genesis of the Brent oil benchmark and how it came to
dominate the global oil market for oil. With chapters written by the individuals involved in
trading and shaping the market it brings the richness and texture to the usual historical
narrative by recalling the events companies and people who shaped its history. It introduces
the historical background to the internationaloil markets and the reasons for a move from
OPEC-set prices to oil benchmarks. It discusses the role of the North Sea in the international
oil markets as well as the role of the British government in the British national oil and gas
monopoly (British National Oil Corporation or BNOC). The development of the North Sea oil
which coincided with the liberalisation policies in the UK and US is also discussed alongside
the challenges of the oil exchange (International Petroleum Exchange) in London the home of
Brent and looks at the failures attempted takeovers and its eventual sale to the
Intercontinental Exchange (ICE). It finally discusses the growing market ecosystem of the price
reporting agencies (PRAs) which play a key role in establishing the value of the Brent
benchmark.
