The global crude oil benchmark Dated Brent is set to change once again this November as S&P Global Platts, the benchmark’s custodian, introduces trade in North Sea grades delivered on a CIF Rotterdam basis. Change is by no means new to the benchmark; it has evolved constantly over the last two decades, essentially reflecting the decline of North Sea oil production. The basic problem is ensuring liquidity i.e. that there are enough physical, tradeable cargoes of oil. If volumes fall too far, the physical market becomes increasingly susceptible…
