Embedded Emissions are Not a Factor in Benchmark Prices

Crude quality, supply and demand, and geopolitics play an important role in pricing, but total emissions are not correlated with benchmark pricing.

Note: The Brent basket includes the Brent field using 2021 production and emissions data, the last year it operated before being decommissioned. Urals and Merey pricing were likely suppressed in 2022 due to geopolitical risks in Russia and Venezuela.