The benchmark crude oil for Europe and Africa is Brent.
Brent is a group of light, relatively low-sulfur crude streams associated with the North Sea. Its name comes from the Brent oil field, discovered in the 1970s and named after a goose species by Shell’s exploration team. Although production from the original field declined, the benchmark evolved to include other North Sea streams, notably Forties, Oseberg and Ekofisk.
Brent is primarily a pricing reference, not a single tanker of oil or one permanently fixed grade. Producers and buyers price many crude shipments at a premium or discount to Brent, depending on quality, freight costs, supply and demand. It is also the basis for widely traded futures contracts in London.
A common mix-up is WTI, the major U.S. benchmark, and Dubai/Oman, important in Middle Eastern and Asian markets. Brent is also used beyond Europe and Africa, including for some crude traded in the Mediterranean, Australia and Asia.