Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark by Imsirovic, Adi
Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark by Imsirovic, Adi

Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark

In 2023, the Brent oil benchmark, a key international oil price marker for global crude oil underwent...
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$140.88 SGD
SKU: 9783031282317
Product Type: Books
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Author: Adi Imsirovic
Format: Hardcover
Language: English
Subtotal: $140.88
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Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark by Imsirovic, Adi

Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark

$140.88
Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark by Imsirovic, Adi

Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark

$140.88
Author: Adi Imsirovic
Format: Hardcover
Language: English
Description

In 2023, the Brent oil benchmark, a key international oil price marker for global crude oil underwent a substantial change. It incorporated another key benchmark, West Texas Intermediate oil from Midland, produced in the US and sold into European and Asian markets. Brent is used to set prices for over 70 per cent of global crude oil, so this fundamental change in the composition of the benchmarks is making some observers question its future development and even its survival. Lessons from the past are very important for the future, particularly in this case.

This book revisits the history and genesis of the Brent oil benchmark and how it came to dominate the global oil market for oil. With chapters written by the individuals involved in trading and shaping the market, it brings the richness and texture to the usual historical narrative by recalling the events, companies and people who shaped its history. It introduces the historical background to the international oil markets and the reasons for a move from OPEC-set prices to oil benchmarks. It discusses the role of the North Sea in the international oil markets, as well as the role of the British government in the British national oil and gas monopoly (British National Oil Corporation or BNOC). The development of the North Sea oil, which coincided with the liberalisation policies in the UK and US, is also discussed, alongside the challenges of the oil exchange (International Petroleum Exchange) in London, the home of Brent and looks at the failures, attempted takeovers, and its eventual sale to the Intercontinental Exchange (ICE). It finally discusses the growing market ecosystem of the price reporting agencies (PRAs), which play a key role in establishing the value of the Brent benchmark.



Author: Adi Imsirovic
Publisher: Palgrave MacMillan
Published: 04/30/2023
Pages: 139
Binding Type: Hardcover
Weight: 0.74lbs
Size: 8.27h x 5.83w x 0.38d
ISBN: 9783031282317

About the Author

Adi Imsirovic is a Senior Research Fellow at the Oxford Institute for Energy Studies (OIES) and a director of Surrey Clean Energy, an energy consultancy. He has over 35 years of experience in the energy markets, most of it as an oil trader. He is also Fulbright Scholar and was an Adjunct Research Fellow at the Kennedy School of Government, Harvard. He has previously published the book Trading and Price Discovery for Crude Oils (2021) with Palgrave Macmillan.


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