In the context of global oil prices, “Brent crude oil” is frequently referred to in the news. What does this t

Question

In the context of global oil prices, “Brent crude oil” is frequently referred to in the news. What does this term imply?
1. It is a major classification of crude oil.
2. It is sourced from North Sea.
3. It does not contain sulphur.
Which of the statements given above is/are correct?

Accepted Answer

The correct answer is B because of the following reasons:

Statement 1 is correct. Brent crude is one of the three major benchmarks used for oil pricing globally, alongside West Texas Intermediate and Dubai Crude. It serves as the primary price reference for two-thirds of the worlds internationally traded crude oil supplies.

Statement 2 is correct. Brent crude is a light, sweet oil extracted from several oil fields located in the North Sea, situated between the Shetland Islands and Norway.

Statement 3 is incorrect. While Brent is described as sweet oil because it has a low sulfur content, it is not sulfur-free. It contains approximately 0.37 percent sulfur. For crude oil to be classified as sweet, its sulfur content must be less than 0.5 percent.

Therefore, only statements 1 and 2 are correct.

Answer

2 only

Answer

1 and 2 only

Answer

1 and 3 only

Answer

1, 2 and 3

In the context of global oil prices, “Brent crude oil” is frequently referred to in the news. What does this term imply? 1. It is a major classification of crude oil. 2. It is sourced from North Sea. 3. It does not contain sulphur. Which of the statements given above is/are correct?

Explanation

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