Sarah MacFarlane, Wall Street Journal, discusses the decline of Brent oil production while the benchmark lives on, here…
”The world’s most famous oil and gas field—and the backbone of global crude pricing—has dried up. Soon the Brent benchmark will have no Brent oil.
Royal Dutch Shell RDS.B -0.86% PLC is expected next year to plug the last remaining Brent oil wells, located in the North Sea’s East Shetland Basin, about 115 miles northeast of Scotland’s Shetland Islands. The closures mark the end of an era, as the industry shifts its focus to smaller oil finds near existing infrastructure.”
However, the benchmark lives on:
”The Brent benchmark will keep its name and increasingly represents a blend of North Sea crudes, with the potential to include oil from other locations in the future.”