LEADER 04937nam 22006375 450 001 9910720071803321 005 20230429190041.0 010 $a9783031282324$b(electronic bk.) 010 $z9783031282317 024 7 $a10.1007/978-3-031-28232-4 035 $a(MiAaPQ)EBC7243086 035 $a(Au-PeEL)EBL7243086 035 $a(DE-He213)978-3-031-28232-4 035 $a(OCoLC)1378166131 035 $a(CKB)26540738600041 035 $a(EXLCZ)9926540738600041 100 $a20230429d2023 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aBrent Crude Oil $eGenesis and Development of the World's Most Important Oil Benchmark /$fedited by Adi Imsirovic 205 $a1st ed. 2023. 210 1$aCham :$cSpringer Nature Switzerland :$cImprint: Palgrave Macmillan,$d2023. 215 $a1 online resource (148 pages) 311 08$aPrint version: Imsirovic, Adi Brent Crude Oil Cham : Palgrave Macmillan,c2023 9783031282317 327 $aChapter 1: Adi Imsirovic, Historical background to the emergence of benchmarks and Brent in particular -- Chapter 2: Liz Bossley, UK State, BNOC, tax, markets, and Brent; first forward trades, optionality, terms, players -- Chapter 3: Colin Bryce, genesis of Brent trading, people, banks and players, products, deals and threats to the market -- Chapter 4: David Peniket, the IPE and Brent futures, all related to IPC/ ICE -- Chapter 5: Kurt Chapman, early Brent trading, storage, EFPs, CFDs, convergence of Dated and forward -- Chapter 6: Neil Fleming & Adrian Binks, the role of PRAs and early assessments, Platts and Argus and others -- Chapter 7: Adi Imsirovic, The future of Brent. 330 $aIn 2023, the Brent oil benchmark, a key international oil price marker for global crude oil underwent a substantial change. It incorporated another key benchmark, West Texas Intermediate oil from Midland, produced in the US and sold into European and Asian markets. Brent is used to set prices for over 70 per cent of global crude oil, so this fundamental change in the composition of the benchmarks is making some observers question its future development and even its survival. Lessons from the past are very important for the future, particularly in this case. This book revisits the history and genesis of the Brent oil benchmark and how it came to dominate the global oil market for oil. With chapters written by the individuals involved in trading and shaping the market, it brings the richness and texture to the usual historical narrative by recalling the events, companies and people who shaped its history. It introduces the historical background to the international oil markets and the reasons for a move from OPEC-set prices to oil benchmarks. It discusses the role of the North Sea in the international oil markets, as well as the role of the British government in the British national oil and gas monopoly (British National Oil Corporation or BNOC). The development of the North Sea oil, which coincided with the liberalisation policies in the UK and US, is also discussed, alongside the challenges of the oil exchange (International Petroleum Exchange) in London, the home of Brent and looks at the failures, attempted takeovers, and its eventual sale to the Intercontinental Exchange (ICE). It finally discusses the growing market ecosystem of the price reporting agencies (PRAs), which play a key role in establishing the value of the Brent benchmark. Adi Imsirovic is a Senior Research Fellow at the Oxford Institute for Energy Studies (OIES) and a director of Surrey Clean Energy, an energy consultancy. He has over 35 years of experience in the energy markets, most of it as an oil trader. He is also Fulbright Scholar and was an Adjunct Research Fellow at the Kennedy School of Government, Harvard. He has previously published the book Trading and Price Discovery for Crude Oils (2021) with Palgrave Macmillan. 606 $aCapital market 606 $aPower resources 606 $aEnvironmental economics 606 $aEnergy policy 606 $aEnergy and state 606 $aCapital Markets 606 $aNatural Resource and Energy Economics 606 $aEnvironmental Economics 606 $aEnergy Policy, Economics and Management 615 0$aCapital market. 615 0$aPower resources. 615 0$aEnvironmental economics. 615 0$aEnergy policy. 615 0$aEnergy and state. 615 14$aCapital Markets. 615 24$aNatural Resource and Energy Economics. 615 24$aEnvironmental Economics. 615 24$aEnergy Policy, Economics and Management. 676 $a338.23282 676 $a338.23282 700 $aImsirovic$b Adi$0849338 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 912 $a9910720071803321 996 $aBrent Crude Oil$93359807 997 $aUNINA