The market for crude is incredibly diverse, with the quality and original location of the oil making a major impact on price. Because they're relatively stable, most crude oil prices worldwide are pegged to the Brent, WTI or Dubai/Oman benchmarks..
What are the two main oil benchmarks?
Benchmarks and Reference Grades: Brent and WTI are the world's major benchmarks..
What is the purpose of oil and gas companies?
Upstream, or exploration and production (E&P) companies, find reservoirs and drill oil and gas wells. Midstream companies are responsible for transportation from the wells to refineries. Downstream companies are responsible for refining and the sale of the finished products..
Why is studying oil and gas important?
Studying a diploma in oil and gas is a great way to gain industry-specific knowledge, develop technical skills, increase employability, gain practical experience, and advance your career in the oil and gas industry..
Put simply, the revenue an oil producer makes boils down to the difference between the cost of production and the price at which they can sell their product.
Supply and Demand Risks The uneven nature of production is part of what makes the price of oil and gas so volatile. Other economic factors also play into this, as financial crises and macroeconomic factors can dry up capital or otherwise affect the industry independently of the usual price risks.
West Texas Intermediate (WTI) is a light, sweet crude oil that serves as one of the main global oil benchmarks. It is sourced primarily from inland Texas and is one of the highest quality oils in the world, which is easy to refine. WTI is the underlying commodity for the NYMEX's oil futures contract.
The 2023 Climate and Energy Benchmark in the oil and gas sector reveals valuable insights about the performance of companies in the industry.Total rankingMethodologyCompaniesAbout
The 2023 Climate and Energy Benchmark in the oil and gas sector reveals valuable insights about the performance of companies in the industry.
WBA Climate and Energy Benchmark measuring and ranking the world's 100 most influential oil and gas companies on their low-carbon
Benchmark crude oil is the petroleum that serves as a pricing reference for other types of oil and oil-based securities. The benchmark or crude oil markers make it easier for traders, investors, analysts, and others to determine the prices of multiple grades of crude oil varieties and blends.
What is the 2021 oil and gas benchmark?
This Insights Report provides a deep dive into the Oil and Gas Benchmark’s key findings. The 2021 Oil and Gas Benchmark is the first comprehensive assessment of companies in the oil and gas sector using the International Energy Agency’s (IEA) Net Zero Emissions by 2050 Scenario.
Benchmark oil and gas
Oil field in India
Ashoknagar Oilfield is a petroleum extracting-site located at Ashoknagar in the North 24 Parganas district, West Bengal. The oil field is located 48 km from the state capital Kolkata. The oil field was discovered in 2018 by Oil and Natural Gas Corporation. This is the first oil field in West Bengal and East India.
Connacher Oil and Gas Limited is a Calgary-based exploration, development and production company active in the production and sale of bitumen in the Athabasca oil sands region. Connacher's shares used to trade on the Toronto Stock Exchange, but it was de-listed in 2016, after filing for insolvency.
Sour crude oil is crude oil containing a high amount of the impurity sulfur. It is common to find crude oil containing some impurities. When the total sulfur level in the oil is more than 0.5%, the oil is called sour.
From the mid-1980s to September 2003
Chronology of events affecting the oil market
From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. Then, during 2004, the price rose above $40, and then $60. A series of events led the price to exceed $60 by August 11, 2005, leading to a record-speed hike that reached $75 by the middle of 2006. Prices then dropped back to $60/barrel by the early part of 2007 before rising steeply again to $92/barrel by October 2007, and $99.29/barrel for December futures in New York on November 21, 2007. Throughout the first half of 2008, oil regularly reached record high prices. Prices on June 27, 2008, touched $141.71/barrel, for August delivery in the New York Mercantile Exchange, amid Libya's threat to cut output, and OPEC's president predicted prices may reach $170 by the Northern summer. The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008. After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37. Electronic crude oil trading was temporarily halted by NYMEX when the daily price rise limit of $10 was reached, but the limit was reset seconds later and trading resumed. By October 16, prices had fallen again to below $70, and on November 6 oil closed below $60. Then in 2009, prices went slightly higher, although not to the extent of the 2005–2007 crisis, exceeding $100 in 2011 and most of 2012. Since late 2013 the oil price has fallen below the $100 mark, plummeting below the $50 mark one year later.
Ashoknagar Oilfield is a petroleum extracting-site located
Oil field in India
Ashoknagar Oilfield is a petroleum extracting-site located at Ashoknagar in the North 24 Parganas district, West Bengal. The oil field is located 48 km from the state capital Kolkata. The oil field was discovered in 2018 by Oil and Natural Gas Corporation. This is the first oil field in West Bengal and East India.
Connacher Oil and Gas Limited is a Calgary-based exploration, development and production company active in the production and sale of bitumen in the Athabasca oil sands region. Connacher's shares used to trade on the Toronto Stock Exchange, but it was de-listed in 2016, after filing for insolvency.
Sour crude oil is crude oil containing a high amount of the impurity sulfur. It is common to find crude oil containing some impurities. When the total sulfur level in the oil is more than 0.5%, the oil is called sour.
From the mid-1980s to September 2003
Chronology of events affecting the oil market
From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. Then, during 2004, the price rose above $40, and then $60. A series of events led the price to exceed $60 by August 11, 2005, leading to a record-speed hike that reached $75 by the middle of 2006. Prices then dropped back to $60/barrel by the early part of 2007 before rising steeply again to $92/barrel by October 2007, and $99.29/barrel for December futures in New York on November 21, 2007. Throughout the first half of 2008, oil regularly reached record high prices. Prices on June 27, 2008, touched $141.71/barrel, for August delivery in the New York Mercantile Exchange, amid Libya's threat to cut output, and OPEC's president predicted prices may reach $170 by the Northern summer. The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008. After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37. Electronic crude oil trading was temporarily halted by NYMEX when the daily price rise limit of $10 was reached, but the limit was reset seconds later and trading resumed. By October 16, prices had fallen again to below $70, and on November 6 oil closed below $60. Then in 2009, prices went slightly higher, although not to the extent of the 2005–2007 crisis, exceeding $100 in 2011 and most of 2012. Since late 2013 the oil price has fallen below the $100 mark, plummeting below the $50 mark one year later.
