Global Oil Prices Remain Stable Amidst Regional Variations

Strategic Insights -

As of December 5-9, the average spot price for 13 types of oil, including North American oil, stood at $109.3 per barrel. The highest average price was observed for Minas oil produced in Indonesia at $118.16 per barrel. The price for Minas serves as a benchmark for other oil exports in the Gulf region. The density of Minas oil is 35.3-degrees API, with a 0.09-percent sulfur content. Conversely, the price for the Malaysian Tapis decreased by $0.6 per barrel to $116.54 per barrel, used as a reference for the oil-producing zone of the Far East.

Key Takeaways:

  • The average spot price for North Sea Oseberg oil decreased by $0.57 per barrel to $111.17 per barrel.
  • The price of Brent last week amounted to $110.29 per barrel, a decrease from $110.85 the previous week.
  • The average spot price for the high-sulfur oil Urals stood at $109.99 per barrel, a decrease from $110.32 per barrel the previous week.
  • The main producers of Urals oil are Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP, and Tatneft companies.
  • The OPEC oil basket average spot price hit $109.65 per barrel, an increase from $109.2 per barrel the previous week.
  • The average spot price for North Sea Forties decreased by $0.96 per barrel to $109.61 per barrel.
  • The average spot price for the American Mars decreased by $1.12 per barrel to $106.4 per barrel.
  • The price of Dubai Crude remained unchanged at $105.83 per barrel, a light oil with a density of 31 degrees-API and 2-percent sulfur content.

Statistics:

  • Average spot price for Minas oil: $118.16 per barrel
  • Density of Minas oil: 35.3-degrees API
  • Sulfur content of Minas oil: 0.09%
  • Average decrease in price for Malaysian Tapis: $0.6 per barrel
  • Density of Malaysian Tapis: 45.5-degrees API
  • Sulfur content of Malaysian Tapis: 0.1%
  • Price of Brent: $110.29 per barrel
  • Density of Brent: 38.6-39 degrees API
  • Sulfur content of Brent: up to 1%
  • Average spot price for Urals oil: $109.99 per barrel
  • Density of Urals oil: not specified
  • Sulfur content of Urals oil: not specified
  • Average spot price for OPEC oil basket: $109.65 per barrel
  • Density of OPEC oil basket: not specified
  • Sulfur content of OPEC oil basket: not specified
  • Average spot price for North Sea Forties: $109.61 per barrel
  • Density of North Sea Forties: 40.3-degrees API
  • Sulfur content of North Sea Forties: 0.56%
  • Average decrease in price for North Sea Oseberg oil: $0.57 per barrel
  • Density of North Sea Oseberg oil: 37.8-degrees API
  • Sulfur content of North Sea Oseberg oil: 0.27%
  • Average spot price for American Mars: $106.4 per barrel
  • Density of American Mars: 28.9-degrees API
  • Sulfur content of American Mars: 2.05%
  • Price of Dubai Crude: $105.83 per barrel
  • Density of Dubai Crude: 31 degrees-API
  • Sulfur content of Dubai Crude: 2%
  • Average spot price for American West Texas Intermediate (WTI): $100.06 per barrel
  • Density of American WTI: 40-degrees API
  • Sulfur content of American WTI: 0.4-05%
  • Average spot price for American WTS crude oil: $99.2 per barrel
  • Density of American WTS: not less than 30 degrees-API
  • Sulfur content of American WTS: 2.5%

Sources:

  • Trend News Agency (Baku, Azerbaijan)
  • En.trend.az
  • MCT Information Services