The Brent Crude is a major trading classification of sweet light crude oil that serves as a major Benchmark Oil price for purchases of oil worldwide. Brent stands for the differing layers of an oil field: Broom, Rannoch, Etieve, Ness, and Tarbat. The Brent Crude is a light, sweet crude with an API gravity of 38.06 and a specific gravity of 0.835, making it slightly heavier than West Texas Intermediate (WTI). The sulphur content is 0.37%. The price of Brent Crude is used to set prices for roughly two-thirds of the world’s oil. It is mostly refined in Northwest Europe and is also called Brent Blend, London Brent, and Brent petroleum. The Brent field is located in the East Shetland Basin, halfway between Scotland and Norway.
Related Definitions in the Project: The Plant and Process Unit
