2. geographic location sulfur content API gravity( measure density) ex: West Texas , Brent , or Oman If its API gravity is greater than 10 , it is lighter and floats on water; if less than 10, it will sink. Light: API>31.1 Medium:22.3<API<31.1 Heavy : API<22.3 , 40-45 higher price L>H Sweet: relative less sulfur Sour: more sulfur Sweet >Sou r
3. known as Texas Light Sweet , is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange 's oil futures contracts . NYMX CL=WTI? a very high-quality, sweet, light oil delivered at Cushing, Oklahoma for North American oil Delivery F.O.B. seller's facility, Cushing, Oklahoma,
4. comprising 15 oils from fields in the Brent and Ninian systems in the East Shetland Basin of the North Sea . The oil is landed at Sullom Voe terminal in the Shetlands . Oil production from Europe, Africa and Middle Eastern oil flowing West tends to be priced off the price of this oil, which forms a benchmark ICE Brent >Wti
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9. US prediction Hubbert's upper-bound estimate, which he regarded as optimistic, accurately predicted that US oil production would peak in 1970. Forty years later , the upper-bound estimate has also proven to be very accurate in terms of cumulative production, less so in terms of annual production. For 2005, the upper-bound Hubbert model predicts 178.2 Gb cumulative and 1.17 Gb current production; actual US production was 176.4 Gb cumulative crude oil + condensate ( 1% lower than the upper bound estimate ), with annual production of 1.55 Gb (32% higher than the upper bound estimate).
10. Widespread application It also used for the predictions of Natural gas , Coal , Fissionable materials, Metals, Phosphorus , Peak water , Fisheries . Norway's oil production and a Hubbert curve approximating it.
