EXCLUSIVE: Platts backs its oil benchmark methodology | The National

EXCLUSIVE: Platts backs its oil benchmark methodology | The National:

"Crude oil benchmarks in the Middle East, which play a critical role in the pricing of energy products worldwide and especially in Asia, are entering a period of change. In Platts’ view, change means progress and we have acted to ensure that the important Dubai and Oman crude benchmarks remain fit for purpose over the coming decades.

Dubai crude oil has been the main Asian benchmark since the mid-1980s despite Dubai’s peak production of more than 400,000 barrels per day in 1991 sliding to below 50,000 bpd today, according to most estimates.

Through alternative delivery mechanisms that bring in crude oil traded in the spot market from Abu Dhabi and Qatar, the benchmark has remained relevant to the global oil markets as a “brand name” benchmark, representing the value of more than 2 million bpd of crude oil freely traded in the markets."



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