Definition - What does Brent Crude mean?
Brent Crude, also known as North Sea Brent Crude, is a type of crude oil which has one of the great trading classifications of crude oil. It is considered as a benchmark crude for determining the trading price of other varieties of crude oil produced from rest of the world. This crude oil falls in a category of "Light & Sweet" crude oil due to its lower density and very low sulfur content. It is produced from the North Sea which is why it is sometimes called North Sea Brent.
Petropedia explains Brent Crude
Brent is mainly used as the benchmark for pricing the Middle Eastern, European and African oil that is exported to the West. The oil has a low density and consists of low contents of sulfur. It is a mixture of United Kingdom's two North Sea oils – the Ninian field crude of the British petroleum company and the Brent field crude of the Shell oil company. Brent is one of the dominant global price benchmarks for the Atlantic crude oil. It is suitable for the production of higher and middle distillates and thus yields higher gross refinery margins to an oil refinery when processed.
The API gravity of this crude is 38 - 39 and sulfur content is 0.4%
This crude oil is majorly produced from European region. Other type of crude oils which are produced from European and near North Sea includes:
- Forties Blend
- Brent Blend