Oil classification
The oil industry classifies crude oil according to the place of origin (for example, WTI or Brent) and often by specific gravity API (American Petroleum Institute API). Or by its density (light K. medium, heavy), and of carrying out the refining releasing him "sweet or heady" when there are small amounts of sulfur, or "over" which means the presence of large amounts of sulfur and requires more refining in order the standard specifications for production.
Global units per barrel are:
Brent contains 15 type of Brent oil from the fields and the system Ninian east Shetland basin. In general, the production of oil from Europe, Africa, the Middle East beyond the western border, which seeks to determine oil prices, leading to classification according to the mark pilot. See also Brent.
WTI "WTI" (West Texas Intermediate WTI) oil to North America.
Dubai used as a guideline for the Asia-Pacific to Middle East oil.
Tapies from Malaysia, used as a reference light oil in the Far East.
Minas of Indonesia, used as a reference for heavy oil in the Far East.
The OPEC basket is made up of:
Light, Saudi Arabia Oil
Pune light oil Nigeria
Light Dubai
Asems Mexico (does not follow OPEC)
Minas Indonesia (no longer follow OPEC)
A combination of two months (Sahara Blend) Algeria
Tia Juana Light Venezuela
Applications are heavily dependent on oil on the economic conditions in the world, and this is also a key factor in determining oil prices. Some economists attributed the lack of global growth rate to increase in oil prices, this means that the relationship between oil prices and global growth is not fixed in a specific manner, although the high price of oil is often defined as a phenomenon occur late in the last session.
OPEC is trying to keep the price of the OPEC basket between the upper and lower limits, an increase or decrease production. This makes analysis of the market factor is very important. OPEC Basket, including a mix of heavy and light crude oil, which is heavier than Brent and WTI.
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