Brent Crude
Brent Crude is a major trading classification of crude oil that serves as a major benchmark price for purchases of oil worldwide. It is extracted from the North Sea and is one of the most important oil benchmarks, alongside West Texas Intermediate (WTI) and Dubai Crude.
History[edit | edit source]
The Brent Crude oil field was discovered in 1971 and is located in the North Sea, northeast of the Shetland Islands. The field was named after the Brent Goose, following Shell's tradition of naming fields after birds. Production began in 1976, and the field has been a significant source of oil for the United Kingdom and Europe.
Composition[edit | edit source]
Brent Crude is a light, sweet crude oil, meaning it has a low density and low sulfur content. These characteristics make it ideal for refining into gasoline and other high-demand products. The oil is a blend of crude oil from 15 different oil fields in the North Sea.
Market Significance[edit | edit source]
Brent Crude is used to price two-thirds of the world's internationally traded crude oil supplies. It is considered a major benchmark because of its light and sweet characteristics, which make it easier and cheaper to refine. The price of Brent Crude is often quoted in financial news and is a key indicator of global oil prices.
Trading[edit | edit source]
Brent Crude is traded on the Intercontinental Exchange (ICE) and is also a major component of the OPEC basket. The futures contracts for Brent Crude are used by traders and investors to hedge against price fluctuations in the oil market.
Environmental Impact[edit | edit source]
The extraction and production of Brent Crude, like other fossil fuels, have significant environmental impacts. These include the risk of oil spills, greenhouse gas emissions, and the disruption of marine ecosystems. Efforts are ongoing to mitigate these impacts through improved technology and stricter regulations.
Decommissioning[edit | edit source]
As the Brent oil field matures, decommissioning of the platforms and infrastructure is underway. This process involves safely dismantling and removing the structures, which is a complex and costly operation.
Also see[edit | edit source]
Energy related articles | |
| Fundamental concepts | |
| Types | |
| Energy carriers | |
| Primary energy | |
| Energy system components | |
| Use and supply | |
| Misc. | |
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