BMI View: Platts' proposed changes to the Brent price assessment, and Shell's reaction to them, refect wider changes in the North Sea that are affecting the global crude oil trade. Attempts to slow or arrest natural production decline in this area can only delay the gradual abandonment of Brent in its current form as the de facto global oil price benchmark, and we expect Platts to add yet more crude streams to the contract in the coming years.
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