Platts and Shell seek support for competing Brent crude reforms

Oil rig off the coast of Brazil
Brent reforms designed to pull in higher quality crudes

Oil major Shell and New York-based price reporting agency Platts are attempting to win support for rival plans to amend the pricing mechanisms used in North Sea oil trading, in an effort to address concerns that market distortions have tainted the value of Brent as a global benchmark.

Although details of the two plans differ, both are designed to allow a broader range of crude oil grades to be delivered into the forward market for BFOE crude oil – the market that underpins Ice Brent futures, the