![]() ![]() ![]() The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. These are standardized products used to determine the prices for all other types. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. On an international level there are a number of different types of crude oil, each of which have different properties and prices. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.īecause the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Crude oil is also used in cosmetics and medicines. ![]() ![]() From there, the crude oil is transported by tanker.īesides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. How does the oil price change Here is a chart that shows how the oil price has changed over. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. The Government also makes more in VAT when fuel prices are higher. Analyst derived forward swap curves – our regional teams across pricing time zones (London, Singapore and Houston) assess all major regional crude and refined product contracts 48-months out at market close, with intra-day prices provided by our proprietary fair value assessments.Īccess market insights and analysis with a selection of free oil market reports available for download.Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.Data is brought together from multiple sources and rigorously benchmarked by regional analysts to allow accurate assessment of seaborne trade volumes at a port and berth level. Global trade flows – see flows of crude and refined products by vessel globally in real-time using Eikon Map.In-depth and timely fundamental analysis – view rigorously researched and timely analyst reports on the key drivers of supply and demand, imports, exports and global storage levels across multiple regions and products and their impact on prices.Refinitiv Oil Research provides the most comprehensive insights on the oil market, as well as oil price movements and oil supply-demand forecasts, which make all the difference between success and failure in the oil trading complex.Īnalysis, commentary and insights from Refinitiv Oil Research can help you comprehend: Refinitiv Commodities Research helps you understand the global commodity complex and empowers you to make informed trading decisions.Īccess a sample of free oil market reports to get a taste of the quality information and analysis you can leverage within our flagship solutions. ![]()
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