Middle East struggles to find marker crude

One consequence of an increase in OPEC's crude oil production (see 'Focus') is that a growing proportion of the world's trade is in sour crudes. The main international oil price indicators, however, are sweet crudes, representing production streams that are now in decline. The principal reference crude for sour streams is Dubai's Fatah crude, but production volumes are declining here as well. A new reference price is required for the growing volumes of Middle Eastern crude, but a replacement for Dubai has not yet fully emerged.