Crude Oil (Brent)
Brent crude is the leading global price benchmark for Atlantic basin crude oils. Extracted from the North Sea, it serves as the reference price for approximately two-thirds of the world's internationally traded crude oil supplies. Brent is a light, sweet crude prized for its relatively low sulfur content and ease of refining.
- Brent Blend
- Forties Blend
- Oseberg
- Ekofisk
- FOB
- CIF
- CFR
Crude Oil (Brent), in brief.
- Common origins
- United Kingdom
- Norway
- Nigeria
- Angola
- Algeria
- Common destinations
- China
- India
- South Korea
- Japan
- Netherlands
- Grades and specifications
- Brent Blend
- Forties Blend
- Oseberg
- Ekofisk
- Incoterms
- FOB
- CIF
- CFR
- Unit of measure
- Barrels
What moves Crude Oil (Brent) pricing
Brent crude pricing is anchored to Dated Brent, the physical North Sea benchmark assessed daily by Platts using the BFOET basket (Brent, Forties, Oseberg, Ekofisk, Troll). The most-watched contract is ICE Brent futures, which settles against the Brent Index. Day-to-day moves track OPEC+ production decisions, Strait of Hormuz and Bab-el-Mandeb risk premiums, US strategic petroleum reserve activity, and the EIA weekly inventory print. Structural drivers include the Dated-to-Frontline (DFL) spread, the Brent-Dubai spread (which determines East-of-Suez arbitrage), and the WTI-Brent differential. Refinery margins (the 3-2-1 crack) and freight rates on the WS Worldscale set the floor for cargo economics.
How Crude Oil (Brent) cargoes are priced and settled
Standard Brent FOB cargoes are 600,000 barrels, with quality and quantity tolerances of ±5% at seller's option. Pricing is typically 'Dated Brent ± differential' over a 5-day or 10-day quotation period around the bill of lading date. Title and risk transfer at the ship's flange at the loadport. Letter of credit is the dominant payment instrument; cash-against-documents is rare for a first-time counterparty. Demurrage runs at WS-implied tanker rates, billed daily.
Crude Oil (Brent) specifications and dispute practice
Independent inspection at load and discharge (SGS, Intertek, Saybolt) is standard. Most disputes turn on water and sediment (BS&W cap typically 0.5%), API gravity tolerance (38-40 for Brent Blend), and total acid number (TAN). H2S in vapor space is grounds for cargo rejection. Time bar for short-claims is usually 90 days from B/L date.
Where Crude Oil (Brent) comes from and where it goes
North Sea production loads at Sullom Voe, Hound Point, Teesside, and Mongstad. The dominant flows are Northwest Europe to Asia (China, India, South Korea, Japan), with Suez canal transit or cape routing depending on the WS Worldscale economics. Atlantic basin barrels increasingly compete with WTI in Asian markets following the 2015 US export ban repeal. Rotterdam ARA storage acts as the regional balancing tank.
Who trades Crude Oil (Brent)?
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Related market pages.
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