Review of 11 world oil prices for February 24-28

Baku, Azerbaijan, March 3

By Aygun Badalova - Trend:

The average spot oil price in 11 varieties (including North American) last week (February 24-28) amounted to $106.67 per barrel compared to $106.92 per barrel the previous week.

The highest average price was observed for Minas oil produced in Indonesia, which amounted to $113.68 per barrel compared to $113.71 per barrel the previous week. The price for Minas is used in setting prices for other brands of oil exports in the Gulf region. Its density is 35.3-degrees API, with a 0.09-percent sulfur content.

The average price for Bonny Light oil produced in Nigeria last week remained stable at $111.7 per barrel. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.

The average spot price for Brent and North Sea Forties last week amounted to $109.11 per barrel. The price for Brent decreased by $0.84 per barrel, while price for Forties decreased by $0.49 per barrel last week. Brent Dated's density is 38.6-39 -degrees API, with up to 1-percent sulfur content. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.

Last week the average spot price for the high-sulfur oil Urals which is a mixture of oil produced in the Khanty-Mansiysk Autonomous District and Tatarstan was at $108.3 per barrel last week compared to $108.56 the previous week. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange.

OPEC oil basket price increased by $0.13 per barrel to $106.5 per barrel. The OPEC's price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Last week, the average spot price for the benchmark grade of oil from the Middle East Oman decreased by $0.36 per barrel to $106.43 per barrel. The density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content.

Last week, the average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude decreased by $0.66 per barrel to $105.63 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.

Last week average price for the American Mars increased by $0.73 per barrel to $104.93 per barrel. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.

The average spot price for the American West Texas Intermediate (WTI) last week increased by $0.36 per barrel to $102.77 per barrel. WTI's density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.

The lowest average spot price was observed for the American WTS crude oil, which amounted to $95.25 per barrel compared to $96.54 per barrel. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.

Energy Intelligence Group provides Trend Agency with daily oil price quotas.

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