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​Bonny Light crude oil (BLCO) is a high-quality crude oil from Nigeria that is in high demand by refiners. It's known for its low sulfur content, which makes it less corrosive and more environmentally friendly. 

Characteristics 

  • Paraffins: Contains a high number of branched and straight chain hydrocarbons

  • API gravity: 32.9, which classifies it as a light oil

  • Sulfur content: Low, which reduces corrosion and environmental impact

  • Density: Low specific gravity and high API gravity

  • Viscosity: Low viscosity due to high fractions of light hydrocarbons.  

Qaiyarah heavy crude oil comes from the Qaiyarah oil field in Iraq's Nineveh province. The oil has been produced in small quantities since the 1930s. 

Production and challenges

  • In May 2023, the oil field resumed production at a rate of 33,000 barrels per day. 

  • The oil's low quality has led to high viscosity and density, which has made it difficult to produce. 

  • The oil's low quality has also led to lower oil prices and higher production and transportation costs. 

​Murban crude oil is a light, sweet oil produced in Abu Dhabi, United Arab Emirates. It's a benchmark for Arab Gulf crude oil and is used in the Asia Pacific region. 

Production

  • ADNOC produces Murban crude oil to meet global demand. 

  • Murban crude oil is sourced from ADNOC's onshore concessions. 

  • The Murban Bab Oil Field is the largest onshore oil field in Abu Dhabi. 

Quality 

  • Murban crude oil is lighter and sweeter than most Middle East crudes.

  • It's closer in quality to UK Forties and US WTI.

Contracts 

  • The Murban Crude Oil Future is a contract for physically delivered oil.

  • The contract is based on FOB Fujairah (ADNOC) loading terminal.

  • The contract is a hedging instrument for Arab Gulf crude oil and other grades.​

ESPO crude oil is a high-quality crude oil from Eastern Siberia, Russia. It's known for its low sulfur content and high API gravity. ESPO crude is in demand in Asian markets and is usually traded at a premium. 

Key features

  • Quality: ESPO crude is a higher-quality Russian crude than Urals. 

  • Sulfur content: ESPO crude has a low sulfur content. 

  • API gravity: ESPO crude has a high API gravity. 

  • Transportation: ESPO crude is transported through the Eastern Siberia–Pacific Ocean pipeline. 

Merey 16 is a heavy crude oil from Venezuela with an API gravity of about 16 degrees. It's Venezuela's main export and has been part of the OPEC basket since 2009. 

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Specifications 

  • Density: Around 1010 kg/m³

  • Sulfur content: High, typically 3-4%

  • Pour point: Varies

  • Salt content: Typically present

  • Acid number: Typically high

Basra Light crude oil is a type of crude oil that comes from Iraq. It used to be mainly sourced from the Rumaila and Zubair oil fields. 

Quality and specifications

  • Basra Light crude oil has been marketed at 34°API, but deliveries have often fallen short of this specification. 

  • If the sulfur content of Basra Light crude oil is more than 0.15% wt., the price per barrel decreases by $0.02 for each 1/10th of a percent above that level. 

Production and exports

  • In 2021, Iraq introduced Basrah Medium crude oil to its portfolio of crude grades. 

  • In 2022, Iraq excluded Basrah Light from its crude allocations, which cut the volume of crude marketed as Basrah Light in half. 

  • Iraq's crude oil is exported through the Al Başrah Oil Terminal (ABOT). 

Challenges

  • Iraq has struggled to maintain quality parameters for its crude oil. 

  • Deliveries of Basra Light crude oil have often fallen short of contracted specifications. 

  • Iraq has launched a new Basrah crude oil grade due to quality concerns. 

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