Definition - What does Brent Oil mean?
Brent Oil, also known as Brent Crude or North Sea Brent Crude, is a type of crude oil which is considered as a benchmark crude for determining the trading price of other varieties of crude oil. It is one of the great trading classifications of crude oil. This crude oil falls in a category of "Light & Sweet" crude oil due to its low density and sulfur content. It is produced from the North Sea which is why it is sometimes called North Sea Brent.
Petropedia explains Brent Oil
Brent crude oil is mainly used as the benchmark for pricing the crude oil produced from Middle Eastern, European and African countries that is exported to the West and the world. 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 the European region. Other types of crude oils which are produced from Europe and North Sea include:
- Forties Blend
- Brent Blend