Indonesia's delegate to OPEC: No need to install oil production if it continues at $ 45

Indonesia's delegate to OPEC: No need to install oil production if it continues at $ 45

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{INTERNATIONAL: Euphrates News} Indonesia delegate to the Organization of the Petroleum Exporting Countries {OPEC} said on Monday that the price of $ 45 per barrel of oil "is not bad" and if it continues at this level, there will be an urgent need to install production.
He said Adhiawan Brauaratmajadda told {} Reuters on the sidelines of one of theactivities of the energy sector in the Emirate of Abu Dhabi " The price is $ 45 which is not bad. 
" If you continue in this way there is no need to install production. It 's not urgent. " 
Brauaratmajadda added that his country needs a price of $ 50 per barrel of oil in order to maintain the oil and gas industry in Albulad.anthy


http://alforatnews.com/modules/news/article.php?storyid=115065
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West Texas Intermediate

West Texas Intermediate (WTI) crude oil is of very high quality and is excellent for refining a larger portion of gasoline. Its API gravity is 39.6 degrees (making it a “light” crude oil), and it contains only about 0.24 percent of sulfur (making a “sweet” crude oil). This combination of characteristics, combined with its location, makes it an ideal crude oil to be refined in the United States, the largest gasoline consuming country in the world. Most WTI crude oil gets refined in the Midwest region of the country, with some more refined within the Gulf Coast region. Although the production of WTI crude oil is on the decline, it still is the major benchmark of crude oil in the Americas. WTI is generally priced at about a $5 to $6 per-barrel premium to the OPEC Basket price and about $1 to $2 per-barrel premium to Brent, although on a daily basis the pricing relationships between these can vary greatly.

Brent

Brent Blend is actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is 38.3 degrees (making it a “light” crude oil, but not quite as “light” as WTI), while it contains about 0.37 percent of sulfur (making it a “sweet” crude oil, but again slightly less “sweet” than WTI). Brent blend is ideal for making gasoline and middle distillates, both of which are consumed in large quantities in Northwest Europe, where Brent blend crude oil is typically refined. However, if the arbitrage between Brent and other crude oils, including WTI, is favorable for export, Brent has been known to be refined in the United States (typically the East Coast or the Gulf Coast) or the Mediterranean region. Brent blend, like WTI, production is also on the decline, but it remains the major benchmark for other crude oils in Europe or Africa. For example, prices for other crude oils in these two continents are often priced as a differential to Brent, i.e., Brent minus $0.50. Brent blend is generally priced at about a $4 per-barrel premium to the OPEC Basket price or about a $1 to $2 per-barrel discount to WTI, although on a daily basis the pricing relationships can vary greatly.

Read more at https://blog.gasbuddy.com/posts/The-difference-between-types-of-crude-oil-Brent-WTI-more/1715-434612-493.aspx#uQEsFEph4hzc8Ge8.99