Saudi Aramco has made its first purchase of WTI Midland crude oil, signaling a growing global demand for US crude.
The world’s biggest crude oil exporter, Saudi Aramco , bought this week its first cargo of U.S. WTI Midland, the crude grade which is now part of the dated Brent benchmark, S&P Global Commodity Insights told Reuters. The Saudi oil giant, which is also the world’s biggest oil company, bought the cargo in the Platts window from commodity trader Gunvor.
WTI Midland, produced in Texas, was included in June 2023 in the Dated Brent part of the Brent benchmark as one of several grades underpinning the contract. Dated Brent, the world’s leading benchmark price assessment is being assessed by Platts. Apart from WTI Midland, Dated Brent includes Brent, Forties, Oseberg, Ekofisk, and Troll—all of these are crude grades produced in the North Sea. According to the Intercontinental Exchange, Brent is the price barometer for about 80% of global crude.
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