The distance to the destination, the availability of tankers, and specific route hazards all factor into the final delivered cost. The global market primarily references Brent Crude from the North Sea and West Texas Intermediate (WTI) from the US.
50 Million Barrels Oil Transaction Value Insight
Quality and Grade Adjustments Not all oil is created equal, and this is where the valuation deviates significantly from the simple benchmark math. Light, sweet crude commands a premium because it is easier to refine into gasoline and diesel.
A barrel valued at $80 on Monday could be worth $78 or $82 by Friday. Determining the value of 50 million barrels of oil requires looking beyond the simple multiplication of current market prices.
50 Million Barrels Oil Transaction Value Insight
Consequently, 50 million barrels of light sweet crude could be worth hundreds of millions more than the same volume of heavy sour crude from a different geological source. Strategic Reserves and Long-Term Value.
More About How much is 50 million barrels of oil worth
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