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Oil platform in the North Sea. Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself.
The three most quoted oil products are North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude, and their pricing is used as a barometer for the entire petroleum industry, although, in total, there are 46 key oil exporting countries. Brent Crude is typically priced at about $2 over the WTI Spot price ...
WTI is West Texas Intermediate oil. It describes a light oil with relatively low sulfur. While it might be produced in West Texas, the WTI designation can be designated to any crude that can meet ...
Petroleum [a] is a naturally occurring yellowish-black liquid mixture. It consists mainly of hydrocarbons, [1] and is found in geological formations.The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend , and Dubai Crude .
The global energy market is comprised of 3-distinct groups. The producers search for energy which includes crude oil and natural gas. The consumer uses the end product that is created for them by ...
Petroleum refinery in Anacortes, Washington, United States. Petroleum refining processes are the chemical engineering processes and other facilities used in petroleum refineries (also referred to as oil refineries) to transform crude oil into useful products such as liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil and fuel oils.
Crude oil is classified as light, medium, or heavy according to its measured API gravity. Light crude oil has an API gravity higher than 31.1° (i.e., less than 870 kg/m 3) Medium oil has an API gravity between 22.3 and 31.1° (i.e., 870 to 920 kg/m 3) Heavy crude oil has an API gravity below 22.3° (i.e., 920 to 1000 kg/m 3)