CRUDE OIL GRADES

1. LIGHT CRUDE OILS (SWEET CRUDE)- a. API GRAVITY- MORE THAN 31.1 DEGREESb. SIMPLER TO REFINE INTO MOTOR FUELS- Will yield a higher

quality of useful products1

c. LOW IN SULFURd. MOST EXPENSIVE, HIGHEST QUALITY2

2. MEDIAM CRUDE OILSa. API GRAVITY- BETWEEN 31.1 – 21.5 DEGREES3

3. HEAVY CRUDE OILSa. API GRAVITY- LESS THAN 21.5 DEGREESb. HIGH IN SULFUR4

Full List of Crude OilGrades5

Abu Bukhoosh Al Shaheen Alaska North Slope Alba Algerian Condensate Amna Anasuria Arab Extra Light Arab Heavy Arab Light Arab Medium Arab Super Light Ardjuna Arun Condensate Asgard Attaka Azadegan Azeri Light Bach Ho Bachaquero Balder Basrah Light BCF 17 Belayim Blend BelidaBenchamas

1 http://www.washingtonpost.com/wp-dyn/content/article/2008/05/12/AR2008051200861.html2 http://www.marketoracle.co.uk/Article645.html3 http://www.marketoracle.co.uk/Article645.html4 http://www.marketoracle.co.uk/Article645.html5 http://www.intertek-cb.com/exploration/crudeoillist.shtml

Beryl Bintulu Condensate Bonny LightBontang Condensate Boscan Bouri Bow River Brass River Brega Brent Blend Brunei Light Cabinda Canadon Seco Cano Limon Captain Ceiba Cerro Negro Champion CintaCold Lake Cossack Cusiana Daqing Djeno Doba Blend Draugen Dubai Dukhan Dulang Duri EkofiskEs Sider Escalante EscravosFife FlottaFoinaven Forcados Foroozan Blend FortiesFulmar Furrial Galeota Mix Gippsland GirassolGlitne

Gryphon Gullfaks Handil MixHanzeHarding Heidrun Hibernia Iran Heavy Iran Light IsthmusJasmine Jotun Khafji KirkukKittiwake Kole Kuito Kutubu Blend Kuwait Labuan Laminaria Lavan Blend Light Louisiana Sweet Liuhua Liverpool Bay MacCulloch MandjiMaureen Marib Marlim Mars Blend Masila Maya Medanito Minas Miri Mixed Blend Sweet Murban N'kossaNang Nuang Nanhai Light Napo Nemba NFC II Nile Blend Njord

Norne NW Shelf CondensateOlmecaOman Oriente Oseberg Oso Condensate Palanca Blend Panyu Pennington Pierce PlutonioPoseidon StreamsQatar Marine Qua Iboe Rabi RinconRoss Saharan Blend Sakhalin II Sarir Schiehallion Senipah Seria Light Export Shengli Siberian Light Siri Sirri Sirtica Sleipner CondensateSnorre SouediehSouth Arne Statfjord Suez Blend Syncrude Sweet Blend Syrian Light Tapis Tempa Rossa Tengiz Terra Nova Thamama Condensate Tia Juana Heavy Tia Juana Light Triton Troll

Turkmen Blend Umm Shaif Upper Zakum UralsVarg Vasconia Wafra West Texas Intermediate Widuri Wytch Farm XikombaYoho Zafiro Zakum Zarzaitine Zuata Sweet Zueitina

REFINERIES1. SMALL REFINERIES

a. Tend to process the most expensive types of crude oil into gasoline6

2. COMPLEX REFINERIESa. ABLE TO RUN HEAVIER, MORE SOUR FEEDSTOCKS 7

3. 149 Refineries in the US8

4. A large Oil refinery costs between $4-6 billion9

6 http://www.nytimes.com/2008/05/14/business/14refine.html?_r=1&ref=business&oref=slogin7 http://www.marketoracle.co.uk/Article645.html8 9 http://www.cato.org/pub_display.php?pub_id=3792