Further, the WSJ reports in this article that changes may need to happen sooner rather than later by adding oil into the benchmark from West Africa, Central Asia or possibly from Brazil. This is because the there is a huge market based on the benchmark pricing where businesses, such as refineries, price the crude they process into gasoline and diesel, influencing prices at the pump. It has a great potential impact.
Finally, notice how the spread of WTI to Brent has narrowed. It is hard to argue there is an unfair value. Even if production is rising, the relative volume decline of brent to WTI is the prevailing force of brent’s futility.
– See more at: http://www.indexologyblog.com/2015/11/05/wti-reclaims-no-1-spot-as-the-benchmark-oil-in-2016/#sthash.aXR6JpjV.dpuf