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S&P Global Platts will add a new crude oil stream to its Dated Brent price assessment for the first time in a decade, as it moves to shore up the supplies underpinning the benchmark.
Platts will add the Troll field, operated by Norway’s Statoil, to the basket of four existing crudes – Brent, Forties, Oseberg and Ekofisk – that make up Dated Brent, the price referenced in two-thirds of global oil deals.
The move is set to be announced this morning at an event marking the start of London’s International Petroleum Week.
The pricing agency has been investigating how to shore up the benchmark in the North Sea as supplies are forecast to decline, reducing the number of cargoes available for trading.
The move will see Norway’s state back oil company overtake Shell as the biggest contributor of the physical supplies to the grades that support Brent.