The Oil Benchmark Named Brent Is Losing Its Brent

The world’s most important oil benchmark is about to experience an identity crisis. For the first time since records began, no Brent crude cargoes are scheduled to load in August, according to Reuters calculations based on loading programs and LSEG data. In other words, the benchmark that gives Brent crude its name is slowly disappearing. That’s not because Brent is losing relevance. Quite the opposite. Brent still underpins pricing for more than 60% of internationally traded crude. The problem is that the original Brent field has simply been producing…