Crude-Oil Price Overhaul Hits Delay Amid Shipping-Cost Uproar

Crude-Oil Price Overhaul Hits Delay Amid Shipping-Cost Uproar

Plans for the biggest overhaul in decades of how international oil prices are measured are being put on hold following objections over how to treat shipping costs.

Prices of Texas oil were going to be included in assessments of Brent crude, the benchmark price underpinning the world's most important commodity market, starting in July 2022. That has been delayed by data provider S&P Global Platts after the energy industry pushed back on key details, in particular who would pay for freight costs.

The proposed change was meant to reflect the growing importance of U.S. exports in global energy markets.

Dated Brent is a pivotal gauge used to price the majority of traded barrels of oil around the world. Published daily by Platts, it reflects the price of physical crude oil in Europe's North Sea. The benchmark has faced a major problem: For years, production of Brent and four other grades of crude in the North Sea has declined.

European