From Rueters – Malaysia to change crude price marker soon


PETRONAS is going to drop a Malaysian brand (Tapis) for a British one? Is this an imminent sign that Tapis will no longer be an oil production hub?

Dateline 2011-03-24:

Malaysian state oil firm PETRONAS is expected to announce a new pricing formula soon for its crude based primarily on European bellwether Brent, dropping a decade-old marker once commonly used to price Asia-Pacific crude, industry sources said on Thursday.

The move would homogenise and simplify a fragmented pricing structure in Asia, user of a third of global crude, extending Brent’s influence as a cross-continent price marker beyond the 70 percent of world supplies that now use it as a reference.

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This entry was posted on Wednesday, April 6th, 2011 at 6:00 am and is filed under Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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