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Finding favour in oil benchmark battle

Finding favour in oil benchmark battle

Malaysia's Petronas, Delta Air Lines adopt Brent for hedging; ICE Brent volumes cut NYMEX WTI advantage in past few weeks; Goldman Sachs says switch to Brent is "smart" for investors

April 11, 2011 12:39 by

The wave of unrest sweeping the Middle East this year also raises new challenges for Oman as concerns grow the country’s oil output may be disrupted. Pricing agency Platts is accelerating talks with customers to find alternative crudes for delivery against its Oman benchmark, used to price more than 10 million barrels per day.

“Any event that adds urgency may play against the efforts of Oman proponents by providing them less time and a more stressful environment in which to make their case,” said Vautrain.

(By Alejandro Barbajosa and Florence Tan; Additional reporting by David Sheppard and Jeffrey Kerr in New York and Christopher Johnson in London; Editing by Simon Webb)

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