• Crude Oil – Russia Export Blend Crude Oil (REBCO) Gost 51 858-2002 & Gost 9965-7

REBCO: Russian Export Blend Crude Oil (REBCO), also known as Urals oil, is a medium gravity sour crude. It is a mix of heavy oil from the Urals and the Volga region with light oil of Western Siberia.

REBCO futures are traded at the NYMEX under ticker symbol R2. Contract size is 1,000 barrels with a contract price quoted in US Dollars and Cents per barrel. Delivery dates take place every month of the year. Russia is the world’s second largest producer of crude oil and also one of the world’s top oil exporters.

REBCO accounts for exports of approximately 4 million barrels per day into the Atlantic Basin or to other nearby refining markets. There are two main qualities of export oil in Russia: Urals Blend and Siberian Light. Siberian Light, produced in Siberia, has a lower sulphur content and lower viscosity than Urals Blend – a mixture of crude oils consisting of Siberian Light with high sulphur oils produced in Russia’s European regions.

  • Crude Oil – Nigerian – Bonny Light Crude Oil (BLCO)

Bonny Light oil is a high grade of Nigerian crude oil with high API gravity (low specific gravity), produced in the Niger Delta basin and named after the prolific region around the city of Bonny. The very low sulfur content of Bonny Light crude makes it a highly desired grade for its low corrosiveness to refinery infrastructure and the lower environmental impact of its byproducts in refinery effluent.

Bonny Light crude oil is considered to be of the best crude oil in the world because it is easy to refine as a result of the low sulfur content. Due to this factor, BLCO is highly sought after. The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income generation from the oil rich nation.

Bonny Light crude oil is produced in Nigeria from Chevron and Shell concessions. Chevron’s exports are throughput and loaded from the Shell-operated Bonny Terminal, which can accommodate Very Large Crude Carrier (VLCC) loading. The typical cargo size is 950 thousand barrels; however, alternate cargo sizes can be arranged with advance planning. Typically, cargoes are sold with pricing based off Dated Brent quotes. Chevron-operated fields are contributing production of approximately 40 thousand barrels per day. Chevron has a 40% interest in the concession that produces crude oils that are routed to and commingled with Bonny Light crude oil.

  • Crude Oil – Saudi Light Crude Oil (SLCO)

Saudi Arabia has been described as the world “mother lode” of oil and gas reserves. Estimates for 1990 placed total oil reserves of the kingdom at 261 billion barrels. Around two-thirds of Saudi reserves are considered “light” or “extra light” grades of oil, with the rest either “medium” or “heavy.”

Although Saudi Arabia has around 80 oil and gas fields (and over 1,000 wells), more than half of its oil reserves are contained in only eight fields,

That includes Ghawar (the world’s largest oil field, with estimated remaining reserves of 70 billion barrels) and Safaniya (the world’s largest offshore oilfield, with estimated reserves of 35 billion barrels).

Ghawar’s main producing structures are, from north to south: Ain Dar, Shedgum, Uthmaniyah, Hawiyah, and Haradh. Ghawar alone accounts for about half of Saudi Arabia’s total oil production capacity.


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