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Generally speaking, oil with an API gravity between 40 and 45° commands the highest prices. Above 45°, the molecular chains become shorter and less valuable to refineries. [8] 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)
The chemical profiles, or crude oil assays, specify important properties such as the oil's API gravity. The delivery locations are usually sea ports close to the oil fields from which the crude was obtained (and new fields are constantly being explored), and the pricing is usually quoted based on FOB ( free on board , without consideration of ...
The clear cut definition of light and heavy crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m 3) and 42° API (816 kg/m 3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m 3 ...
Oil swings between gains and losses while traders wait for EIA Weekly Petroleum Status Report which will be published on Friday. Oil Mixed After API Report Shows That Crude Inventories Increased ...
API also defines and drafts standards for measurement for manufactured products. Crude Oil Data Exchange (CODE) is the electronic business standard as of 1978. API RP 500 and RP 505 classify the locations for electrical equipment in hazardous areas. [14] [15] API has entered petroleum industry nomenclature in a number of areas:
Thus, the API gravity or specific gravity is widely used for the classification of crude oils, based on a scheme proposed by the American Petroleum Institute (Table 1). A high API value >30 means a light crude with paraffinic character; a low API value means a heavy crude with increasing aromatic character. Table 1.