1. Dubai crude oil is produced in Dubai. The API degree of Dubai crude oil is about 3 1 degree, which belongs to medium crude oil according to classification, and its sulfur content is about 2%. As Dubai crude oil has no destination restrictions, as a convenient crude oil, its absolute price is widely used in the spot trade of crude oil. The spot price of Dubai crude oil is not only adopted by the package price set by the Organization of Petroleum Exporting Countries (the new package is changed to Murban crude oil in Abu Dhabi), but also the crude oil price index of the whole Middle East. In addition to Dubai crude oil, the average monthly price of Oman crude oil has also become the Middle East crude oil price index with Japan as the main target and Asia as a whole.
2. However, in view of the decreasing trend of Dubai crude oil production year by year, the industry began to question whether Dubai crude oil should be included in the Middle East oil price system.
Second, Oman crude oil
1. Oman crude oil is produced in Oman in the Middle East. Compared with Dubai crude oil, it has more reserves and relatively stable output, which is not limited by destination. Therefore, Oman crude oil price, like Dubai crude oil price, is an important crude oil price index in the Middle East. Oman crude oil API is about 34 degrees, which belongs to medium crude oil. WTI crude oil with sulfur content of about 2% WTI(WestTexasIntermediate) crude oil is the general name of light crude oil and medium crude oil produced in Texas, USA.
2.WTI crude oil has become the representative oil of light crude oil since 1983 was listed in NYMEX. WTI crude oil futures are the most traded commodities in the world. Because of good contract liquidity and high price transparency, NYMEX's light and low-sulfur crude oil futures price is regarded as one of the benchmark prices in the world crude oil market.
3. However, NYMEX's crude oil delivery must be carried out offshore Cushing, Oklahoma, which is adjacent to Texas, so WTI crude oil futures prices are often affected by the chaotic situation in the delivery place.
4. The API degree of 4.WTI crude oil is about 35 ~ 50 degrees, which belongs to ultra-light crude oil, and its sulfur content is only 0.2%. In addition, the market price of WTI crude oil is higher than that of Dubai crude oil and Oman crude oil because it is close to the consumption place.
5. In addition, since June 20 10, Saudi Arabia and Kuwait have revised the pricing method of crude oil sold to the United States, and changed the pricing benchmark crude oil exported to the United States from WTI crude oil to argus sour crude oil (ASCI: the trading price of North American Gulf intermediate sour crude oil launched by argus Company in May 2009 is announced daily, which is Mars, Poseidon and SouthernGreenCanyon3.
Third, Brent crude oil
1. Brent crude oil is produced in the Brent area of the North Atlantic, with a daily output of about 500,000-600,000 barrels. 65438-0988, Brent crude oil futures was listed on the International Petroleum Exchange (IPE) in London, England. Brent crude oil, as an important reference index of European crude oil, is regarded as an indispensable part of the world crude oil market together with WTI crude oil of NYMEX.
2. However, in the 1980s, the output of Brent crude oil dropped sharply, and by the beginning of the 20th century, the output of Brent oil field had dropped to a relatively low level. Therefore, in 2002, Platts adopted a package of Brent, 1940s and Osberg (BFO) oil prices; In 2007, it joined Ekofisk and founded BFOE. But out of habit, we still use Brent crude oil to refer to BFOE. Brent crude oil has an API of about 38 degrees and a sulfur content of 0.38%. In terms of quality, Brent crude oil is positioned between WTI crude oil and Dubai crude oil/Oman crude oil.