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Per the "Regions and crude types" discussion above, California production is categorized by its own crude type. Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide. High-quality, low-sulfur crude oil is commonly used for processing into gasoline and is in high demand, particularly in industrialized nations.
Crude oil is most commonly organised into four types - light, heavy, sweet, and sour. [6] Petroleum is a non-renewable energy source (also known as a " fossil fuel "), so the efficacy of extraction and refining is important for its continued use; multiple techniques are used to detect and to extract crude oil, based on the source rock it is ...
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 WTI oil grade is also known as Texas light sweet. Oil produced from any location can be considered WTI if the oil meets the required qualifications. [2] Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content.
Oil field in California, 1938. The modern history of petroleum began in the nineteenth century with the refining of paraffin from crude oil. The Scottish chemist James Young in 1847 noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for ...
For many years, West Texas Intermediate (WTI) crude oil, a light, sweet crude oil, was the world's most-traded commodity. WTI is a grade used as a benchmark in oil pricing. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. WTI is often referenced in news reports on oil prices, alongside Brent Crude. WTI is ...
Tapis crude is a Malaysian crude oil used as a pricing benchmark in Singapore. Tapis is very light, with an API gravity of 43°-45°, and very sweet , with only about 0.04% sulfur. [ 1 ] [ 2 ] While it is not traded on a market like Brent Crude or West Texas Intermediate (WTI), it is often used as an oil marker or price referencing indicator ...
Since sour crude is more common than sweet crude in the U.S. part of the Gulf of Mexico, Platts has come out in March 2009 with a new sour crude benchmark called "Americas Crude Marker (ACM)". [3] Dubai Crude and Oman Crude, both sour crude oils, have been used as a benchmark (crude oil) oil marker for Middle East crude oils for some time.