I hear on my daily stock report of "sweet" "sour" and WTI light sweet. I also hear crude described based on it's origins. Like Saharan Blend (Algeria) Alaskan Sweet, Illinois Sweet.
There are also five types of crude oil are produced from Saudi oil fields. So instead of just going by API gravity, does the crude have special formulas that they need to be named after a place? Or is it for purposes of pricing it in the market?
Why do I need to know that the oil incoming in my pipeline is "Brent"? Why isn't it just priced by the api gravity and that only?
There are also five types of crude oil are produced from Saudi oil fields. So instead of just going by API gravity, does the crude have special formulas that they need to be named after a place? Or is it for purposes of pricing it in the market?
Why do I need to know that the oil incoming in my pipeline is "Brent"? Why isn't it just priced by the api gravity and that only?