EVOLUTION OF GLOBAL BENCHMARKS FOR OIL: NEW TRENDS IN PRICING AT THE INTERNATIONAL OIL MARKET
UDC: 339.146
DOI: 10.33285/1999-6942-2021-7(199)-58-63
Authors:
KATYUKHA PAVEL BORISOVICH1
1 National University of Oil and Gas "Gubkin University", Moscow, Russian Federation
Keywords: shale revolution, crude oil, benchmark, financial goods, derivatives, spot market, urgent market, futures, forward contracts, price agency, dated Brent, WTi, Dubai/Oman, urals, Murban
Annotation:
This paper analyzes the changes occurring in the structure of global oil pricing in the context of the development of the shale revolution in the United States. The increasing competition between the leading world countries - oil producers demonstrates, by the benchmarks on oil for markets, the fact that oil has become not only the object of trade, but also has turned into a financial instrument for the income redistribution between the world's largest financial players. World benchmarks for oil, to which all the oil traded in the world is tied, became an indicator of changes in the oil market.
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