Brent crude oil is the world's most important commodity price benchmark. It is extracted from the North Sea BFOE blend (Brent, Forties, Oseberg, Ekofisk, and Troll fields) and loaded at the Sullom Voe terminal in the Shetland Islands, Scotland.
As a waterborne crude with easy global access, Brent is naturally suited to be a global benchmark. The ICE Brent futures contract — traded on the Intercontinental Exchange in London — is the world's most liquid oil contract by open interest and daily volume.
What Moves Brent Crude Price?
- OPEC+ production decisions — output quotas from the 23-nation group drive supply
- US inventories — EIA weekly storage data (released every Wednesday, 15:30 GMT)
- Global demand outlook — IEA, EIA, OPEC monthly reports
- Geopolitical risk — Middle East tensions, sanctions (Iran, Russia, Venezuela)
- USD strength — oil is priced in USD; a stronger dollar depresses $/bbl prices
- China demand — world's largest crude importer, NBS PMI as proxy