BRENT oil grade price for today. Brent quotes online. Real-time streaming chart. Brent oil chart online. Time on the OIL/USD Moscow GMT+3 chart.
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Why this grade of oil is called BRENT
Brent oil is a reference mark of oil produced in the North sea from the same field. The North sea is washed by the UK, France, Belgium, the Netherlands, Germany, Denmark and Norway. The BRENT Deposit was discovered in the 70s and is almost depleted.
A reference oil is an oil mixture of the ideal quality and properties most suitable for processing (e.g. low sulfur content and low density). That is why the composition of Brent oil was adopted as a standard, based on which the price of other oil grades is formed. There are two more main so – called marker grades of oil-West Texas Intermediate (WTI) and Dubai/Oman Crude. If BRENT sets the price standard for the European and OPEC markets, Dubai Crude is a marker grade of oil for the Asian market.
What are the other types of oil
As already mentioned above, depending on the density of oil and the content of sulfur in it, there are still a number of grades of oil.
Let’s start with Russian oil grades.
Urals oil grade. The main export brand of Russian oil. It is produced in Western Siberia. Urals oil grade is a medium-density oil with a high sulfur content. That’s why it comes with a discount of a few dollars to Brent oil.
Vityaz oil grade. The lightest and highest quality oil produced in Russia, with a very low sulfur content (10 times less than the Urals). Vityaz oil is produced on Sakhalin. There is also produced a slightly worse grade of oil Sokol.
Siberian Light oil grade. As the name implies, Siberian Light is a light oil produced in Siberia. With average sulphur content. A slightly higher sulfur content is produced in the same oil brand ESPO.
Grade of oil Arctic Oil. A heavy grade of oil with a high sulfur content. Arctic Oil is produced in the Barents sea.
The OPEC oil basket (organization of Petroleum Exporting Countries or Organization of petroleum exporting countries) is a conditional mixture composed of oil grades that are supplied to the world market by the countries that are members of the organization.
Varieties of oil of OPEC
- Arab Light (Saudi Arabia)
- Basra Light (Basrah Light) (Iraq)
- Bonny Light (Nigeria)
- Es Sider (Libya)
- Girassol (Angola)
- Iran Heavy (Iran)
- Kuwait Export (Kuwait)
- Merey (Venezuela)
- Murban (UAE)
- Oriente (Ecuador)
- Qatar Marine (Qatar)
- Saharan Blend (Algeria)
There are other types of oil, plus new oil fields with new brands are periodically opened. But those that are listed above are the main and most common at the moment.