Review of 9 world oil prices for August 25-29
Baku, Azerbaijan, Sept. 1
By Aygun Badalova - Trend:
The average spot price for nine varieties of oil brands (including North American) last week (August 25-29) amounted to $98.15 per barrel.
The highest average spot price was observed on Bonny Light oil produced in Nigeria, which amounted to $101.55 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 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 hit $101 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
The average price of Brent last week amounted $100.64 per barrel. Brent Dated's density is 38.6-39 -degrees API, with up to 1-percent sulfur content.
The average spot price for North Sea Forties was at $100.15 per barrel last week. 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.
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 $99.79 per barrel last week. The main producers of Urals oil is 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 average price amounted to $99.63 per barrel last week. 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).
The average spot price for the American West Texas Intermediate (WTI) last week amounted to $96.26 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.
Last week average price for the American Mars stood at $95.44 per barrel. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
The lowest average spot price was observed for the American WTS crude oil, which amounted to $88.91 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.