The oil industry classifies "crude" by the location of its origin (e.g., "West Texas Intermediate, WTI" or "Brent") and often by its relative weight (API gravity) or viscosity ("light", "intermediate" or "heavy"); refiners may also refer to it as "sweet", which means it contains relatively little sulfur, or as "sour", which means it contains substantial amounts of sulfur and requires more refining in order to meet current product specifications.The world reference barrels are:
Brent Blend, comprising 15 oils from fields in the Brent and Ninian systems in the East Shetland Basin of the North Sea. The oil is landed at Sullom Voe terminal in the Shetlands. Oil production from Europe, Africa and Middle Eastern oil flowing West tends to be priced off the price of this oil, which forms a benchmark. See also Brent crude.
West Texas Intermediate (WTI) for North American oil.
Dubai, used as benchmark for Middle East oil flowing to the Asia-Pacific region.
Tapis (from Malaysia, used as a reference for light Far East oil)
Minas (from Indonesia, used as a reference for heavy Far East oil)
The OPEC basket used to be the average price of the following blends:
Arab Light Saudi Arabia
Bonny Light Nigeria
Fateh Dubai
Isthmus Mexico (non-OPEC)
Minas Indonesia
Saharan Blend Algeria
Tia Juana Light Venezuela
OPEC attempts to keep the price of the Opec Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crudes, is heavier than both Brent and WTI.
See also [1] In June 15, 2005 the OPEC basket was changed to reflect the characteristics of the oil produced by OPEC members. The new OPEC Reference Basket (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
: http://www.opec.org/home/basket.aspx
Brent Blend, comprising 15 oils from fields in the Brent and Ninian systems in the East Shetland Basin of the North Sea. The oil is landed at Sullom Voe terminal in the Shetlands. Oil production from Europe, Africa and Middle Eastern oil flowing West tends to be priced off the price of this oil, which forms a benchmark. See also Brent crude.
West Texas Intermediate (WTI) for North American oil.
Dubai, used as benchmark for Middle East oil flowing to the Asia-Pacific region.
Tapis (from Malaysia, used as a reference for light Far East oil)
Minas (from Indonesia, used as a reference for heavy Far East oil)
The OPEC basket used to be the average price of the following blends:
Arab Light Saudi Arabia
Bonny Light Nigeria
Fateh Dubai
Isthmus Mexico (non-OPEC)
Minas Indonesia
Saharan Blend Algeria
Tia Juana Light Venezuela
OPEC attempts to keep the price of the Opec Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crudes, is heavier than both Brent and WTI.
See also [1] In June 15, 2005 the OPEC basket was changed to reflect the characteristics of the oil produced by OPEC members. The new OPEC Reference Basket (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
: http://www.opec.org/home/basket.aspx
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