Chapter 1: Adi Imsirovic, Historical background to the emergence of benchmarks and Brent in particular -- Chapter 2: Liz Bossley, UK State, BNOC, tax, markets, and Brent; first forward trades, optionality, terms, players -- Chapter 3: Colin Bryce, genesis of Brent trading, people, banks and...

"This paper surveys the history of the oil industry with a particular focus on the events associated with significant changes in the price of oil. Although oil was used much differently and was substantially less important economically in the nineteenth century than it is today, there are...