Grade & availability
Density, sulphur, field output and loading schedules influence crude selection.
ExploreOil marketsFrom a reference price
From a reference price
to a physical barrel.
Build a practical understanding of the differences between a benchmark, a crude grade and a delivered cargo.
Three reference families
| Reference | Context | Questions to ask |
|---|---|---|
| Brent | A reference family associated with North Sea and wider seaborne crude pricing. | Physical assessment or futures contract? Which grade, location and delivery period? |
| WTI | A US light-sweet crude reference. Cushing and export locations are distinct pricing contexts. | What delivery point and transport basis does the price represent? |
| Dubai / Oman | Reference families used in pricing Middle Eastern crude and trade into Asia. | Which assessment or contract, grade specification and loading month? |
Educational summary. See Argus Crude and S&P Global Energy crude oil solutions. These references are not interchangeable instruments.
Follow the physical supply chain
Transport & storage
Pipelines, tankers and terminals connect producing regions with refinery demand. Freight and delays change delivered costs.
ExploreConfiguration & demand
Refinery capability and product demand influence which crude grades can be processed economically.
ExploreA useful price comparison needs a common basis.
Compare the same currency, volume unit, timing and delivery point. A lower quoted price can be offset by a higher freight bill or a different quality adjustment. Our planner demonstrates cost arithmetic; it does not model refinery yields or determine whether a cargo is suitable.