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What is crude oil? - Crude oil is a mixture of hydrocarbons which are organic compounds composed of hydrogen and carbon.
Crude oil is valuable because of the many products that it can produce when refined!
There are many different gades or "qualities" of crude oil.  These differenet grades of crude vary in terms of their sulphur content and API gravity (density).
Crude oils with a low sulphur content are called "sweet" crude and is more desirable because it is easier to refine.
Crude oils with a high API (American Petroleum Institute) number are also more desirable because they will produce more of the valuable "light end" products like gasoline when refined!
 

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       ICE BRENT CRUDE PRICES

 

   NYMEX WTI CRUDE PRICES

 

Energy Exchanges and oil prices

ICE Exchange

NYMEX Exchange

Dubai Exchange

Russian Trading System 

 

Links

American Petroleum Institute

U.S. Department of Energy

 

 

 

 

Commentary

Demand for OPEC's crude will average 28.06 million bpd in 2010, down 460,000 bpd from 2009, the producer group said. That was a smaller decline than its 480,000 bpd previous assessment.*

*Source Reuters News

 

The Oil Markets -  Crude oil is traded on various exchanges and directly between counterparties all over the world. 

Below are some examples of some or the most liquid crude oils that are traded.
 
WTI - West Texas intermediate crude oil - Traded primarily on the NYMEX exchange but also listed and traded on the ICE exchange. WTI is currently considered the global benchmark for crude oil.
Brent Crude - Traded on the ICE (Intercontenental Exchange) is the benchmark for pricing north sea crude oils.
Dubai Light - Dubai crude traded on the Dubai Exchange and the benchmark for crude origionating in the Persian Gulf Region.
Tapis - Malysian Crude Oil which is the benchmark for crude oil prices in Australia and Asia.
Bonny Light - Nigerian Crude which provides a benchmark for African Crude oil prices.

 

World Oil Supply
Oil (in barrels)
Total world reserves Jan. 1st 2010:1175686472626
World usage per second:986
Estimated date of exhaustion:20:58 Oct 22, 2047
Source - Europe's Energy Portal www.europe.eu/
 
 
 
 

 Source - BP's Statistical Review 2009