Oil benchmarks need reform, says Vitol's Taylor

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Brent issues need to be addressed, says Taylor

There are serious problems with the benchmarks used for pricing crude oil and the industry should address the issue as soon as possible, according to Ian Taylor, president and chief executive of Switzerland-based commodity trading firm Vitol.

Speaking at International Petroleum Week in London on February 17, Taylor said he was "extremely concerned about the role of benchmarks".

"We, as an industry, have a major problem here that we need to solve," he said. "I really do think we... have an obliga

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