Brent oilHow many dollars?
Brent oil is trading at $74.51 a barrel in international markets.
It is oil that drives the world oil market. Also known as London Brent or Brent Blend. Named “Brent Goose” by the issuing company Shell, it contains 0.37% sulfur, which makes Brent Petroleum in the “sweet oil” class, which is easier to process.
It is easier for refineries that process crude oil to produce gasoline or diesel fuel from low-sulphur, that is, sweet oil. Oil extracted from this region is sweet and light. Therefore, it is easy to refine and therefore suitable for the production of gasoline and diesel fuel. It also facilitates shipping directly to remote areas by sea as it is shipped off the sea.
For the price of oil, it is important where it comes from and from which region it is extracted. The cheaper and faster production is more demanded. There is also a difference between the price of oil extracted from the sea and oil extracted from land.
Crude oil types accepted as benchmark are WTI (Western Texas Intermediate), Brent and Oman, WTI oil is traded on NYMEX, Brent oil is traded on ICE and Oman oil is traded on DME. WTI is the name given to oil extracted from Central America, Brent oil from the North Sea, and Oman oil from the Middle East.According to the data on the CMB’s website; One barrel of oil is equivalent to 42 gallons of crude oil (159 liters).
19.6 gallons of gasoline, 10 gallons of diesel fuel and heater fuel, 4 gallons of jet fuel, 1.7 gallons of heavy fuel oil, 1.7 gallons of LPG and 7.6 gallons of other derivatives can be produced from a barrel of crude oil.
Not all crude oils are equivalent.
