According to S&P Global Platts senior director for oil pricing Jonty Rushforth, there are ongoing talks regarding the inclusion of US's WTI Midland futures in the Dated Brent basket. Rushforth said Platts shortlisted six grades (CPC Blend, Forcados, Gullfaks, Qua Iboe, Statfjord, and WTI Midland) to be added to the Dated Brent basket at the end of last year to maintain its liquidity amid falling North Sea output, and WTI Midland has emerged as the frontrunner given the up tick in US crude exports to over 3.2MM b/d, and the increasing processing of WTI Midland by European refineries. Rushforth said, "I think it's fair to say that there has been a broader acceptance of the possibility of WTI.. .it's not us saying we're considering including it. It's us saying: the market is very much talking about that so let's have that in front of us and see how diat works." He went on to add, "There is a strong realization that over the next few years, the basket is going to come under pressure for declining volumes so you've got to have something."
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