London Intercontinental Exchange and American Mercantile Exchange have Brent crude oil futures trading, which is the benchmark of market oil price. Brent crude oil, a light and low-sulfur crude oil produced in Beihai, is also a benchmark quality and widely traded, which is different from the the New York Mercantile Exchange light and low-sulfur crude oil futures contract.
Brent crude oil has a daily output of about 500,000 barrels and its origin is Sullom Voe, shetland islands. It is mainly processed and refined in northern Europe, and a small part is processed in the northern east coast of China and the Mediterranean region. Most of these producers still trade in a non-standardized spot way.