166
PETROLEUM TECHNOLOGY, ECONOMICS, AND POLITICS
North Sea. The oil is landed at Sullom Voe terminal in
the Shetland Isles. Oil production from Europe, Africa
and Middle Eastern oil flowing west tends to be priced
off the price of this oil, which forms a benchmark
• Dubai-Oman, used as benchmark for Middle East sour
crude oil flowing to the Asia-Pacific region
• Tapis (from Malaysia, used as a reference for light Far
East oil)
• Minas (from Indonesia, used as a reference for heavy
Far East oil)
• The OPEC Reference Basket, a weighted average of oil
blends from various OPEC (The Organization of the
Petroleum Exporting Countries) countries.
There are declining amounts of these benchmark oils being
produced each year, so other oils are more commonly delivered.
While the reference price may be for West Texas Intermediate delivered at Cushing, the actual oil being traded may be discounted
Canadian heavy oil delivered at Hardisty, Alberta, and for a Brent
Blend delivered at the Shetlands, it may be a Russian Export Blend
delivered at the port of Primorsk.
Table 6.1 Comparison between assays of light sweet crude oil and heavy
sour crude oil.
Liquid Volume %
Gas (Initial Boiling Point to 99°F)
Straight Run (99 to 210°F)
Naphtha (210 to 380°F)
Kerosene (380 to 510°F)
Distillate (510 to 725°F)
GasOil(725tol050°F)
1050+ Residuals
Sulfur %
API
Light Sweet
4.40
6.50
18.60
13.80
32.40
19.60
4.70
0.30
34.80
Heavy Sour
3.40
4.10
9.10
9.20
19.30
26.50
28.40
4.90
22.00
PETROLEUM TECHNOLOGY, ECONOMICS, AND POLITICS
North Sea. The oil is landed at Sullom Voe terminal in
the Shetland Isles. Oil production from Europe, Africa
and Middle Eastern oil flowing west tends to be priced
off the price of this oil, which forms a benchmark
• Dubai-Oman, used as benchmark for Middle East sour
crude oil flowing to the Asia-Pacific region
• Tapis (from Malaysia, used as a reference for light Far
East oil)
• Minas (from Indonesia, used as a reference for heavy
Far East oil)
• The OPEC Reference Basket, a weighted average of oil
blends from various OPEC (The Organization of the
Petroleum Exporting Countries) countries.
There are declining amounts of these benchmark oils being
produced each year, so other oils are more commonly delivered.
While the reference price may be for West Texas Intermediate delivered at Cushing, the actual oil being traded may be discounted
Canadian heavy oil delivered at Hardisty, Alberta, and for a Brent
Blend delivered at the Shetlands, it may be a Russian Export Blend
delivered at the port of Primorsk.
Table 6.1 Comparison between assays of light sweet crude oil and heavy
sour crude oil.
Liquid Volume %
Gas (Initial Boiling Point to 99°F)
Straight Run (99 to 210°F)
Naphtha (210 to 380°F)
Kerosene (380 to 510°F)
Distillate (510 to 725°F)
GasOil(725tol050°F)
1050+ Residuals
Sulfur %
API
Light Sweet
4.40
6.50
18.60
13.80
32.40
19.60
4.70
0.30
34.80
Heavy Sour
3.40
4.10
9.10
9.20
19.30
26.50
28.40
4.90
22.00