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The Argus Sour Crude Index (“ASCI”) has been adopted as the benchmark price for sales of crude oil by Saudi Aramco (in 2009), [2] Kuwait (in 2009) [3] and Iraq (in 2010). [4] [5] Contracts based upon ASCI are listed on the world's two largest oil exchanges, the CME Group New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
West Texas Intermediate oil prices briefly went negative for the first time in history in April 2020. [1]In economics, negative pricing can occur when demand for a product drops or supply increases to an extent that owners or suppliers are prepared to pay others to accept it, in effect setting the price to a negative number.
TORC: The Off-Road Championship was originally the preeminent sanctioning body for short course off-road racing in the Midwest before its folding in 2018. The Lucas Oil Off Road Racing Series then took over as the main series in the region via the Lucas Oil Midwest Short Course League until its dissolution after the 2019 season as officials elected to focus on LOORRS. [1]
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]