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LONDON, Dec 6 (Reuters) - BP supports adding the U.S.
crude oil grade WTI Midland on a delivered basis to the North
Sea Dated Brent, which underlies the benchmark Brent futures
contract, according to a document seen by Reuters.
Over the years, oil pricing agency S&P Global Platts has
added North Sea crude grades Forties, Oseberg, Ekofisk and Troll
to Dated Brent given the original Brent stream has been
dwindling. But a move this year to add WTI was deferred.
"BP strongly believes that the inclusion of WTI Midland,
executed correctly, is the best solution for enhancing
liquidity, retaining Brent as a well-supplied and trusted light,
sweet benchmark," the document said.
BP also said it did not support the idea of adding Norway's
huge Johan Sverdrup field to the dated Brent benchmark because
it was a more sour grade of crude.
BP echoed comments made earlier this year by oil trader
Vitol.
Platts had said in February it would add WTI Midland and
change the basis a delivered CIF, where cargoes include
insurance and freight costs, rather than FOB, or free on board.
But in March it said it had deferred the move due to industry
pressure.
A Platts consultation on the issue ended in September.
BP did not immediately reply to a request for comment.
Reuters competes with Platts in the provision of news and
pricing information about the oil market.
(Reporting by Julia Payne, writing Shadia Nasralla; Editing by
Louise Heavens)