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Urals Oil
Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. It is a mix of heavy sour oil of the Urals and the Volga region with light oil of Western Siberia. Other reference oils are Brent, West Texas Intermediate and Dubai. Urals brand oil is supplied through the Baku-Novorossiysk pipeline system and the Druzhba pipeline. Urals oil futures trade on Moscow Exchange. There was also an effort to trade it on NYMEX under the name of REBCO (Russian Export Blend Crude Oil). Urals grade oil was traded in Northwestern Europe on June 25, 2020, at a premium to Brent of $2.35/bbl – a record in the entire history of monitoring since September 1994. Since the 2022 Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ..., t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Price Benchmarks
An oil is any chemical polarity, nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobe, hydrophobic (does not mix with water) and lipophilicity, lipophilic (mixes with other oils). Oils are usually flammable and surfactant, surface active. Most oils are unsaturated lipids that are liquid at room temperature. The general definition of oil includes classes of chemical compounds that may be otherwise unrelated in structure, properties, and uses. Oils may be animal fats, animal, vegetable oil, vegetable, or petrochemical in origin, and may be Volatility (chemistry), volatile or non-volatile. They are used for food (e.g., olive oil), fuel (e.g., heating oil), medical purposes (e.g., mineral oil), lubrication (e.g. motor oil), and the manufacture of many types of paints, plastics, and other materials. Specially prepared oils are used in some religious ceremonies and rituals as purifying agents. Etymology First attested in English 1176, the word ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet. Oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman. WT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Invasion Of Ukraine
On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thousands of Casualties of the Russo-Ukrainian War, military casualties and tens of thousands of Ukrainian Attacks on civilians in the Russian invasion of Ukraine, civilian casualties. As of 2025, Russian troops Russian-occupied territories of Ukraine, occupy about 20% of Ukraine. From a population of 41 million, about 8 million Ukrainians had been internally displaced and more than 8.2 million Ukrainian refugee crisis, had fled the country by April 2023, creating Europe's List of largest refugee crises, largest refugee crisis since World War II. In late 2021, Russia Prelude to the Russian invasion of Ukraine, massed troops near Ukraine's borders and December 2021 Russian ultimatum to NATO, issued demands to the Western world, West i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. The company's two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX), once separately owned exchanges. NYMEX traces its history to 1882 and for most of its history, as was common of exchanges, it was owned by the members who traded there. Later, NYMEX Holdings, Inc., the former parent company of the New York Mercantile Exchange and COMEX, went public and became listed on the New York Stock Exchange on November 17, 2006, under the ticker symbol NMX. On March 17, 2008, Chicago based CME Group signed a definitive agreement to acquire NYMEX Holdings, Inc. for $11.2 billion in cash and stock and the takeover was completed in August 2008. Both NYMEX and COMEX now operate as designated contract marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moscow Exchange
The Moscow Exchange (MOEX; , ) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central securities depository, the National Settlement Depository (NSD), and the country's largest clearing service provider, the National Clearing Centre. The exchange was formed in 2011 in a merger of the Moscow Interbank Currency Exchange and the Russian Trading System. At the end of 2023, the total trading volume on MOEX platforms reached 1.3 quadrillion rubles (about $14 trillion). History The Moscow Exchange was established on 19 December 2011 by merging the two largest Moscow-based exchanges, the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS), hence the name "Moscow Exchange MICEX-RTS". Both organisations had been formed in the 1990s and were leading Russian exchanges for two decades with their MICEX Inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Druzhba Pipeline
The Druzhba pipeline (, ), also referred to as the Friendship Pipeline and the Comecon Pipeline, is one of the world's longest oil pipelines and one of the largest oil pipeline networks in the world. It began operation in 1964 and remains in operation today. It carries oil some from the eastern part of European Russia to points in Ukraine, Belarus, Poland, Hungary, Slovakia, the Czech Republic and Germany. The network also branches out into numerous smaller pipelines to deliver its product throughout Eastern Europe and beyond. The name "Druzhba" means "friendship", alluding to the fact that the pipeline established friendly relations between the Soviet Union and Eastern Europe through the reliable supply of oil. Today, it is the largest principal artery for the transportation of Russian and Kazakh oil across Europe. History On 18 December 1958, the 10th session of the Council for Mutual Economic Assistance (Comecon), held in Prague, adopted a decision and an agreement was sig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baku–Novorossiysk Pipeline
The Baku–Novorossiysk pipeline (also known as the Northern Route Export Pipeline and Northern Early Oil Pipeline) is an long oil pipeline, which runs from the Sangachal Terminal near Baku to the Novorossiysk terminal at the Black Sea coast in Russia. The Azerbaijani section of the pipeline is operated by the State Oil Company of Azerbaijan Republic (SOCAR) and the Russian section is operated by Transneft. History A contract on the transportation of Azeri oil via Russia to the Black Sea port of Novorossiysk was signed on 18 February 1996. The trilateral contract was concluded between the Azerbaijan International Operating Company, SOCAR and Transneft. The oil transportation through the pipeline started on 25 October 1997. On 6 December 2006, after a dispute over natural gas supplies from Russia, Azerbaijan announced that it will stop the exports of Azeri oil through the Baku–Novorossiysk pipeline starting on 1 January 2007. Although SOCAR continued decreased oil suppli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dubai Crude
Dubai Crude is a medium sour crude oil extracted from Dubai. Dubai Crude is used as a price benchmark or oil marker because it is one of only a few Persian Gulf crude oils available immediately. There are two other main oil markers: Brent Crude and West Texas Intermediate. Dubai Crude is generally used for pricing Persian Gulf crude oil exports to Asia. The Dubai benchmark is also known as Fateh, used in the United Arab Emirates. Forward trade of Dubai Crude is limited to one or two months. Dubai Crude is a medium oil. It has a gravity of 31° API (specific gravity of 0.871) and a sulfur content of 2%/weight. Supplement 3 (1997), ''Oil Trading Manual'', Long, D. (Ed.), Cambridge: Woodhead Publishing Limited. See also * DME Oman Crude Oil Futures Contract * List of crude oil products *Petroeuro Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: #Dollars paid to oil-producing nations (petrodollar recycling)—a term invented in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brent Crude
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself. The original Brent Crude referred to a trading classification of sweet light crude oil first extracted from the Brent oilfield in the North Sea in 1976. As production from the Brent oilfield declined to zero in 2021, crude oil blends from other oil fields have been added to the trade classification. The current Brent blend consists of crude oil produced from the Forties (added 2002), Oseberg (added 2002), Ekofisk (added 2007), Troll (added 2018) oil fields (also known as the BFOET Quotation) and oil drilled from Midland, Texas in the Permian Basin (added 2023). The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. This gra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taiga Torch
Taiga or tayga ( ; , ), also known as boreal forest or snow forest, is a biome characterized by pinophyta, coniferous forests consisting mostly of pines, spruces, and larches. The taiga, or boreal forest, is the world's largest land biome. In North America, it covers most of inland Canada, Alaska, and parts of the northern contiguous United States. In Eurasia, it covers most of Sweden, Finland, much of Russia from Karelia in the west to the Pacific Ocean (including much of Siberia), much of Norway and Estonia, some of the Scottish Highlands, some lowland/coastal areas of Iceland, and areas of northern Kazakhstan, northern Mongolia, and northern Japan (on the island of Hokkaido). The principal tree species, depending on the length of the growing season and summer temperatures, vary across the world. The taiga of North America is mostly spruce; Scandinavian and Finland, Finnish taiga consists of a mix of Norway spruce, spruce, pines and Betula, birch; Russian taiga has spruces, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Siberia
Western Siberia or West Siberia ( rus, Западная Сибирь, p=ˈzapədnəjə sʲɪˈbʲirʲ; , ) is a region in North Asia. It is part of the wider region of Siberia that is mostly located in the Russia, Russian Federation, with a Southern part in Kazakhstan. It lies between the Ural (region), Ural region and the Yenisey, Yenisei River, which conventionally divides Siberia into two halves. Western Siberia covers an area of , nearly 80% of which is located within the West Siberian Plain. The largest rivers of the region are the Irtysh and the Ob (river), Ob. All major rivers of Western Siberia belong to the Kara Sea basin. The West Siberian petroleum basin is the largest hydrocarbon (petroleum and natural gas) basin in the world covering an area of about 2.2 million km2, and is also the largest oil and gas producing region in Russia. In Middle Ages, medieval times, parts of the region were part of the Golden Horde. After its gradual decline during the 15th century, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Light Crude Oil
Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content. Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery. Varying standards The clear cut definition of ''light'' and ''heavy'' crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m3) and 42° API (816 kg/m3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m3) and 42° API (816 kg/m3). The National Energy Board of Canada defines light crude oil as having a den ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
