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Monthly Endnotes

90

OPEC Monthly Oil Market Report – August 2017

Developing and strengthening benchmarks for crude flows to Asia was a key topic discussed at the 2016

Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets, held at

the OPEC Secretariat. Participants expressed the view that market acceptance of a benchmark generally

requires a combination of sufficient liquidity and adequate transparency around the benchmark formation

process. Moreover, it was noted that the development of benchmarks is an organic process but not

necessarily a predictable one. Market participants in China recognise this. Speaking of the INE, one local

trader told Reuters, “It won’t be an immediate success, but we’re hopeful.”