<p><a href="https://www.oxfordenergy.org/wpcms/wp-content/uploads/2011/01/August2006-MiddleEastCrud-Pricing-BassamFattouh.pdf" rel="nofollow noreferrer">This article</a> states:</p>

<blockquote>
  <p>Brent, WTI and Dubai-Oman are the main crude oil benchmarks of 
  the current oil pricing system. Nearly all oil traded outside America and the Far East is priced using Brent as a benchmark. WTI is the main benchmark used for pricing oil imports  into  the  USA.  Dubai-Oman  is  used  as  a  benchmark  for Gulf  crudes (Saudi Arabia, Iran, Iraq, the UAE, Qatar and Kuwait) sold in the Asia-Pacific market. </p>
</blockquote>

<p>Regarding where the oil is produced, according to <a href="http://www.investopedia.com/articles/investing/102314/understanding-benchmark-oils-brent-blend-wti-and-dubai.asp" rel="nofollow noreferrer">Investopedia</a>:</p>

<blockquote>
  <p>“Brent” actually refers to oil from four different fields in the North Sea: Brent, Forties, Oseberg and Ekofisk. [...] WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. [...] [Dubai-Oman is a] “basket” product consisting of crude from Dubai, Oman or Abu Dhabi.</p>
</blockquote>

<p>The above is sometimes visualised in the following map:</p>

<p><a href="https://i.sstatic.net/4q1Yz.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/4q1Yz.png" alt="enter image description here"></a></p>

CC BY-SA 3.0
2017-09-22T08:44:46.263Z
2017-09-22T08:44:46.263Z
luchonacho
<p>I discovered recently that there are 3 main price indicators for crude oil (used by the IMF): <em>WTI</em>, <em>Dubaï</em>, and <em>UK Brent</em>. If I understand correctly, each place trades some specific kind of oil (with more or less sulfur among other), which is related to the production place.</p>

<p>Is there some stylized facts, or a precise matrix available, which relate the production place and the price index?</p>

<p>My first guess was OPEC production $\Rightarrow$ <em>Dubai</em> and US production $\Rightarrow$ <em>WTI</em> but I'm not sure regarding the <em>UK Brent</em>...</p>

<international-trade><oil>
Crude oil benchmarks and production places
Yann
# Crude oil benchmarks and production places

(Asked by: username_0 on 2016-12-13)

I discovered recently that there are 3 main price indicators for crude oil (used by the IMF): *WTI*, *Dubaï*, and *UK Brent*. If I understand correctly, each place trades some specific kind of oil (with more or less sulfur among other), which is related to the production place.

Is there some stylized facts, or a precise matrix available, which relate the production place and the price index?

My first guess was OPEC production $\Rightarrow$ *Dubai* and US production $\Rightarrow$ *WTI* but I'm not sure regarding the *UK Brent*...

**Tags:** international-trade, oil

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## 1 answers

### Answer by username_1 on 2017-09-22. Score: 2

[This article](https://www.oxfordenergy.org/wpcms/wp-content/uploads/2011/01/August2006-MiddleEastCrud-Pricing-BassamFattouh.pdf) states:

> Brent, WTI and Dubai-Oman are the main crude oil benchmarks of
> the current oil pricing system. Nearly all oil traded outside America and the Far East is priced using Brent as a benchmark. WTI is the main benchmark used for pricing oil imports into the USA. Dubai-Oman is used as a benchmark for Gulf crudes (Saudi Arabia, Iran, Iraq, the UAE, Qatar and Kuwait) sold in the Asia-Pacific market.

Regarding where the oil is produced, according to [Investopedia](http://www.investopedia.com/articles/investing/102314/understanding-benchmark-oils-brent-blend-wti-and-dubai.asp):

> “Brent” actually refers to oil from four different fields in the North Sea: Brent, Forties, Oseberg and Ekofisk. [...] WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. [...] [Dubai-Oman is a] “basket” product consisting of crude from Dubai, Oman or Abu Dhabi.

The above is sometimes visualised in the following map:

[![enter image description here](https://i.sstatic.net/4q1Yz.png)](https://i.sstatic.net/4q1Yz.png)


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