Currently the world crude oil price is at all time high. Never has a barrell cost so much and never has the prices increased faster than right now. This is due to the situation in various countries, affecting the demand and supply of crude oil.
Pricing the Brent Crude
Pricing the West Texas Intermediate
Short-Term Energy Outlook
Market Prices and Uncertainty Report
Energy & Financial Markets
WHAT DRIVES CRUDE OIL PRICES?
An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly
Seven key factors influencing oil markets. Analytical conditioning between each factor of influence and the prices of crude oil.
As part of its Energy and Financial Markets Initiative, EIA is assessing the various factors that may influence oil prices — physical market factors as well as those related to trading and financial markets.
"EIA's traditional coverage of physical fundamentals such as energy consumption, production, inventories, spare production capacity, and geopolitical risks continues to be essential. EIA is also assessing other influences, such as futures market trading activity, commodity investment, exchange rates, and equity markets, as it seeks to fully assess energy price movements."
Published on June 16, 2011 and covering the interval starting with 2000 and forward.
Read more about What Drives Crude Oil Prices?
The petroleum price as quoted in news usually refers to the spot price per barrel (159 liters) of either WTI/light crude (traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma) or of Brent (as traded on the Intercontinental Exchange - ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe).
The price per barrel of crude depends first on its grade, determined by its specific gravity or API and its sulphur content (other factors may interven), and by its location. Other benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".
The higher the price of oil, the harsher the negative economic impact.
Bonny Light Crude Oil Price
Bonny Light oil is a high grade of Nigerian crude oil with high API gravity (low specific gravity), produced in the Niger Delta basin and named after the prolific region around the city of Bonny.
"The very low sulfur content of Bonny Light crude makes it a highly desired grade for its low corrosiveness to refinery infrastructure and the lower environmental impact of its byproducts in refinery effluent."
"Other grades of Nigerian crude oil are Qua Iboe crude oil, Brass River crude oil, and Forcados crude oil. The Cabinda crude oil is a common grade of crude oil produced in Angola. The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income generation from the oil rich nation."
Bonny Light Crude Oil Price (US$/Barrel), Production (mbd) and Export (mbd)