Posted on 30/10/09
Switch in oil benchmark ushers in new energy era
CALGARY -- Ongoing shifts in the dynamics of the global oil industry are undermining the relevance of one of its best-known price markers.Saudi Arabia's giant oil company plans to drop West Texas Intermediate, a type of light U.S. crude, as its benchmark for North American crude pricing. Saudi Aramco will switch to a new measure known as the Argus Sour Crude Index for its U.S. sales next year.
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