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USAI - Are The International Oil Benchmarks In Danger?
American Energy Independence
Although Saudi Arabia is the largest oil exporter in the world, crude oil prices from the Kingdom are linked to regional international benchmarks: ASCI for the US, ICE Brent for Europe and the Average of Oman (as traded on the DME) and Dubai for the Far East.
In early 2018, China launched the Shanghai International Energy Exchange ((INE)) as a futures exchange priced in the Chinese yuan. It is fair to say that the launch did not find support by the industry for spot or term crude contracts. To support its currency's internationalization, China sought