Shell calls for tougher regulation of Dubai oil benchmark | GulfNews.com:
"Royal Dutch Shell PLC on Thursday called for tougher regulation of the Dubai crude benchmark, the Middle East's most important oil-pricing mechanism, after record trade volumes skewed prices.
Industry players have been calling on pricing agency Platts to review its Dubai assessment, saying record trading by Chinese state companies in August during the Market-on-Close process pushed liquidity to the limit and disrupted Dubai's relationship with other global benchmarks. The Dubai marker sets the prices for more than 12 million barrels per day of Middle Eastern and Russian crude exports to Asia.
"Regrettably, there have been times in recent months where the price of Dubai (crude) was assessed well in excess of the fundamental refining value of other comparable Middle Eastern crudes," Shell said in a statement."
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