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In 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

In 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.

Acknowledgements -- Contents -- List of Figures -- 1 Introduction -- Why This Book? -- Plan of the Book -- Early Days of Competition -- Building a Monopoly -- Oil Markets Go Global -- Tectonic Shifts and Governments -- Competition -- Producers' Cartel -- OPEC Fails -- Liberalisation and the 'Age of Benchmarks' -- Market Lives On -- 2 Oil, Policy, and Market Power -- Market Power -- Oil Projects, Risk and Economies of Scale -- Vertical and Horizontal Integration -- Challenges in the New Age -- New Antitrust Views -- Antitrust and Policy -- References -- 3 Looking at the Mirror: Early Days of the Oil Markets in the United States -- Markets in History -- The First Killer App: Lighting -- Drilling for Oil -- Beginning of the 'Age of Oil' -- Transportation Bottlenecks -- Gathering Lines, Storage, and the First Price Shock -- The First Physical and 'Paper' Oil Markets -- References -- 4 From Competition to Monopoly -- 'The Butcher, Baker, and the Candle Maker' -- More kerosene than Bibles -- The 'Railway problem' -- The Years of Depression -- 'Our Plan' -- Monopolies at War -- The Giant -- The Death of Oil Exchanges -- References -- 5 From Monopoly to Competition (Oil Markets Going Global) -- Quiet Before the Storm -- 'Beyond the Sea a Chicken May Be Bought for a Farthing, But It Costs a Pound to Bring It Home2' -- Growing Competition and the Oil Market Goes International -- 'Marcus's Coup' -- Two More Traders in the Orient -- Tectonic Shifts -- References -- 6 Governments and Oil Markets -- Governments Get Involved -- Moguls and Mandarins16 -- Towards the International Cartel -- Discriminatory Pricing -- The Majors Charge -- References -- 7 From One Cartel to Another -- The World of Oil in the 1950s -- New Kids on the Block -- Tax, Markets, and the Birth of the Producers' Cartel -- The Dumb and the Blind -- References.