Why is August 2024 significant for the Brent crude oil benchmark?

August is the first month since at least 2007 — the earliest LSEG data available — in which no North Sea Brent crude oil cargoes are initially scheduled to load, marking a historic milestone for the Dated Brent benchmark, which prices over 60% of the world’s oil and relies on physical cargo loadings for price assessment.

How has the Dated Brent benchmark adapted to declining Brent field production?

To maintain liquidity and robustness amid dwindling Brent crude volumes, S&P Global Energy (Platts) has expanded the Brent complex to include four other North Sea crudes — Forties, Oseberg, Ekofisk, and Troll — and added U.S. WTI Midland in 2023; Platts states the benchmark remains healthy because 'the inclusion of Forties, Oseberg, Ekofisk, Troll and WTI Midland ensures the benchmark continues to function robustly,' even when Brent itself has zero scheduled loadings in a given month.

No Brent crude oil cargoes set to load in August, a first for global price benchmark

Jun 30, 2026

First since 2007, no Brent crude cargoes are scheduled to load in August due to steady production declines. Despite reduced volumes, S&P Global Energy states the Dated Brent benchmark remains robust thanks to added North Sea grades and WTI Midland.

reuters

2026-06-30

No Brent crude oil cargoes set to load in August, a first for global price benchmark

No Brent crude oil cargoes set to load in August, a first for global price benchmark

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