PETROLEUM
(The Organization of the Petroleum Exporting Countries) countries
Midway Sunset Heavy, by which heavy oil in California is priced
There are declining amounts of these benchmark oils being produced each year, so
other oils are more commonly what is actually delivered. While the reference price may
be for West Texas Intermediate delivered at Cushing, the actual oil being traded may be
a discounted Canadian heavy oil delivered at Hardisty, Alberta, and for a Brent Blend
delivered at Shetland, it may be a Russian Export Blend delivered at the port of
Primorsk.
Petroleum industry
The petroleum industry is involved in the global processes of exploration, extraction,
refining, transporting (often with oil tankers and pipelines), and marketing petroleum
products. The largest volume products of the industry are fuel oil and petrol. Petroleum
is also the raw material for many chemical products, including pharmaceuticals,
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