The controversy over the liquidity of Brent crude oil trading is showing little sign of abating, as players jostle for position in a market undergoing the greatest upheaval it has seen. With resources starting to dwindle, the number of cargoes loading from the Brent field has dropped from 60 to less than 20 in the past few years (see EPRM August 2002, pages 24–25). And the concerted efforts by market participants to boost choice and cut the chances of price manipulation have led to a split in
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