The inclusion of WTI Midland crude in the “Brent” benchmark has sparked a lot of controversy, debate and argument, but the industry seems to be beginning to reach a consensus on the new benchmark’s broad format:

  • Brent pricing will remain as if on a free on board (FOB) basis, despite the inclusion of WTI Midland crude, which is loaded on the US Gulf Coast (USGC).
  • Cargo size will change from 600,000 to 700,000 barrels, reflecting the usual…