I discovered recently that there are 3 main price indicators for crude oil (used by the IMF): WTI, Dubaï, and UK Brent. If I understand correctly, each place trades some specific kind of oil (with more or less sulfur among other), which is related to the production place.

Is there some stylized facts, or a precise matrix available, which relate the production place and the price index?

My first guess was OPEC production $\Rightarrow$ Dubai and US production $\Rightarrow$ WTI but I'm not sure regarding the UK Brent...


1 Answer 1


This article states:

Brent, WTI and Dubai-Oman are the main crude oil benchmarks of the current oil pricing system. Nearly all oil traded outside America and the Far East is priced using Brent as a benchmark. WTI is the main benchmark used for pricing oil imports into the USA. Dubai-Oman is used as a benchmark for Gulf crudes (Saudi Arabia, Iran, Iraq, the UAE, Qatar and Kuwait) sold in the Asia-Pacific market.

Regarding where the oil is produced, according to Investopedia:

“Brent” actually refers to oil from four different fields in the North Sea: Brent, Forties, Oseberg and Ekofisk. [...] WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. [...] [Dubai-Oman is a] “basket” product consisting of crude from Dubai, Oman or Abu Dhabi.

The above is sometimes visualised in the following map:

enter image description here


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