Oil & Gas
Crude Oil
Light, medium and heavy crude grades, priced against Brent and WTI.
Overview
Crude oil is the unrefined petroleum extracted from underground reservoirs and the starting point of the whole energy chain. Each grade has its own character, described mainly by its density, expressed in API gravity, and its sulphur content: light sweet crudes yield more gasoline and diesel and need less treatment, while heavier and sourer grades sell at a discount and suit complex refineries.
Physical cargoes are priced against the main benchmarks, Brent for the Atlantic basin, WTI for North America and Dubai or Oman for crudes shipped to Asia, plus or minus a differential agreed for the grade. A transaction defines the grade and its assay, the loading terminal and laycan, the cargo size and the inspection at loading by an independent inspector.
Typical specification
- Benchmarks
- Brent, WTI, Dubai and Oman
- API gravity
- Light above 31, medium 22 to 31, heavy below 22
- Sulphur
- Sweet below 0.5 percent, sour above
- Other parameters
- Pour point, viscosity, total acid number (TAN)
- Cargo sizes
- Aframax about 600,000 bbl, Suezmax about 1 million bbl, VLCC about 2 million bbl
- Inspection
- Quantity and quality checked by an independent inspector at loading
Market reference values. Final specification, origin and quantity are agreed contract by contract.
Main uses
- Refining
- Transport fuels
- Petrochemicals
- Lubricants
How a transaction runs
These four stages apply to every enquiry, whatever the product and the volume.
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Enquiry
Tell us the product, specification, quantity, destination and target schedule.
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Verification
Due diligence is carried out on both counterparties before any offer is exchanged.
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Offer and contract
Price, Incoterm and payment instrument are set out in the offer, then in the sale and purchase agreement.
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Inspection and delivery
Quality and quantity are checked by an independent inspector before the cargo is released.
Request a quote for Crude Oil
Tell us what you need, or what you have to sell. Every request is read by the desk and answered by email.
- Office
- Dubai, United Arab Emirates