Oil Price Benchmarks Overview

The price of oil varies depending on the type, location of production, and where it's sold.

A global oil benchmark originating from North Sea fields, easily transported via pipelines and tankers.

A US-based oil benchmark, sourced from Cushing, Oklahoma. Often priced at a discount to Brent oil due to transportation challenges and US export restrictions.

Lighter oils are generally priced higher because they are easier and cheaper to refine.

Oil's geographical origin affects its price as transportation from production to refinery impacts cost and availability.

Brent oil serves as a worldwide standard that helps set the price for many other types of oil.

Some countries, like the US, have regulations that limit or prohibit exporting crude oil, impacting the availability and pricing of domestic oil.

One oil type might be priced lower than another due to various factors, including location; limitations of shipping options, and/or supply surplus.

A benchmark price for a stream of heavy oil in Canada, mixed with bitumen and diluents.

The difference in price between WCS and other comparable oils like WTI, due to its heavier composition and location.

Blends of bitumen and diluents used for transporting oil from the oil sands.

The theoretical bitumen price after deducting transportation and diluent costs.

The system for determining how much Albertans are paid for their oil resources at the time of sale.

Benchmark prices for light, sweet crude oils, often used as comparison points for WCS and other oils.

Differences in oil prices caused by quality, location, and market access.

The ease with which oil can be transported to customers, impacting its price.