Argus approves 12 US export terminals for inclusion of Midland WTI in North Sea crude assessment – QNT Press Release

The approval paves the way for Midland-quality WTI crude to be included in Argus North Sea dated from May 2023

London and HOUSTON, Nov. 22, 2022 /PRNewswire/ — Global commodity price reporting agency Argus will include light sweet Midland WTI crude shipments in its assessment of North Sea Dated crude prices from May 2023. Following extensive industry consultation, Argus has published a list of 12 US Gulf coast terminals from which exports of Midland WTI to Europe are eligible for consideration in the price discovery process. The Argus list is also referenced in industry standard trading terms.

The future of Brent as a global crude benchmark has been called into question as the volume of light sweet crude available for delivery into the basket has declined sharply over the past two decades, despite the addition of other European grades. The removal of US crude export restrictions in 2015 has seen US exports of Midland WTI to Europe swell to 1.14mn b/d so far in 2022, significantly more than the production of the entire basket of crude streams currently contributing to the …

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