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PETROLEUM

Producing countries.

Light Saudi of Saudi Arabia – Bonny light of Nigeria – Dubai Fateh – isthmus of Mexico (non-OPEC) – mines of Indonesia – Algeria’s Saharan Blend – Venezuela Merey – Mesa 30 Light Venezuela.

OPEC’s attempts to keep prices for its basket limits between upper and lower, raising or lowering their production. This creates an important base of work for market analysts. The OPEC basket, is heavier than the oil Brent and WTI

Classification of oil according to its API gravity relating to its gravity API American Petroleum Institute classifies the petroleum in “light”, “medium”, “heavy”, and “extra-heavy”

Light or light crude: have API gravities greater than 31.1 °API
Medium or medium raw: have API gravities between 22.3 and 31.1 °API.
Heavy oil: have API gravities between 10 and 22.3 °API.
Extra-heavy crude: less than 10 °API gravities.
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