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Petronas introduced a new benchmark starting Jan. 1, based on the spot differentials to dated Brent for three grades - Labuan, Miri and Kikeh.
Kimanis, a new grade that will start production in the first quarter of next year, could be included in the price reference basket in 2015.
As a result of the change, Tapis Blend was dropped as the key pricing reference to dated Brent due to low liquidity and falling output.