Brent Crude Oil information
Brent Crude is also called Brent mix. Of this, crude oil is used as a benchmark for pricing two-thirds of world oil production. Especially in the European and African market.
Brent Crude consists of an oil mixture, and this mixture comes from 15 different oil fields. Most come from the regions of Brent and Titian, some located in the UK and some in Norway.
These two regions produce approximately 500,000 barrels per day. This oil mixture is considered one of the light and sweet types of oil, due to its specific weight. According to the American Petroleum Institute. Its temperature is 38 degrees, and its sulfur content is as low as 0.37 percent.
Brent Crude price
Because of the differences between Brent Crude and other oil crude, it is generally sold at a price higher than the OPEC basket of oil by about a dollar a barrel. And at a price less than West Texas crude oil by about a dollar as well.
Accordingly, the value of Brent Crude is used to price about two-thirds of the world’s production traded in the crude oil market.
Interestingly, the countries of the European continent consume most of the production of Brent Crude. Despite this, it is sometimes exported to the United States and some countries of the African continent.
This happens if the difference between the price of Brent and the price of oil in the market is greater than the freight rate.
The problem facing Brent now is that its fields are about to be depleted, and this is a big problem for those dealing with it as a pricing tool. Therefore, an alternative to global oil pricing is being sought.