{"id":296849,"date":"2024-08-17T08:00:57","date_gmt":"2024-08-17T08:00:57","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=definition&#038;p=296849"},"modified":"2024-08-17T08:00:56","modified_gmt":"2024-08-17T08:00:56","slug":"brent-crude","status":"publish","type":"definition","link":"https:\/\/www.techopedia.com\/definition\/brent-crude","title":{"rendered":"Brent Crude"},"content":{"rendered":"<h2><span id=\"what_is_brent_crude\">What is Brent Crude?<\/span><\/h2>\n<p>Brent crude is a <a href=\"https:\/\/www.techopedia.com\/definition\/commodity\">commodity<\/a> used as a major oil pricing benchmark.<\/p>\n<p>Brent crude is oil extracted from the North Sea. It is light and sweet, making it preferable for use in gasoline and other applications.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-300x171.jpg\" alt=\"What is Brent Crude?\" width=\"1200\" height=\"685\" class=\"aligncenter wp-image-297605\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-300x171.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-1024x585.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-768x438.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-1536x877.jpg 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-1200x685.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-1980x1130.jpg 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude.jpg 2048w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p class=\"p1\"><div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Brent crude oil is a major global benchmark for oil.<\/li>\n<li>Unlike West Texas Intermediate (WTI) oil, which is exclusively used in the United States, Brent crude is used in global trade.<\/li>\n<li>Brent crude is best used in gasoline and petroleum-based products.<\/li>\n<li>Seasonal demand, supply changes, and geopolitical tensions can impact the price of brent.<\/li>\n<li>Changes in the price of Brent can have a downstream effect that influences many parts of the economy.<\/li>\n<\/ul>\n<p class=\"p1\"><\/div><\/div>\n<h2><span id=\"why_is_brent_crude_a_key_benchmark\">Why is Brent Crude a Key Benchmark?<\/span><\/h2>\n<p>As much as two-thirds of the world&#8217;s oil is priced in Brent crude. This is because Brent is a consistent, highly accessible, and standardized commodity that can be used in global trade.<\/p>\n<p>Because oil is still used so widely across industries around the globe, Brent is an important benchmark for economic stability and global pricing.<\/p>\n<h2><span id=\"what_is_brent_crude_oil_used_for\">What is Brent Crude Oil Used For?<\/span><\/h2>\n<p>Brent crude is used mostly in producing petroleum products. The oil is refined into petroleum, which then has a wide variety of uses, such as:<\/p>\n<ul>\n<li>Gasoline<\/li>\n<li>Diesel fuel<\/li>\n<li>Jet fuel<\/li>\n<li>Heating oil<\/li>\n<li>Plastics<\/li>\n<li>Chemicals and solvents<\/li>\n<li>Fertilizers<\/li>\n<\/ul>\n<h2><span id=\"brent_crude_vs_west_texas_intermediate_wti\">Brent Crude vs. West Texas Intermediate (WTI)<\/span><\/h2>\n<p>Unlike <a href=\"https:\/\/www.techopedia.com\/definition\/west-texas-intermediate-wti\">West Texas Intermediate<\/a> (WTI) oil which is used primarily in the United States, Brent crude is a global oil that&#8217;s transported across the world and used in global trade.<\/p>\n<p>When it comes to WTI vs Brent, here&#8217;s what you need to know.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI-278x300.jpg\" alt=\"Brent Crude vs. West Texas Intermediate (WTI)\" width=\"1200\" height=\"1295\" class=\"aligncenter wp-image-297611\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI-278x300.jpg 278w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI-949x1024.jpg 949w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI-768x829.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI-1200x1295.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Brent-Crude-vs.-West-Texas-Intermediate-WTI.jpg 1390w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span id=\"brent_crude_pricing\">Brent Crude Pricing<\/span><\/h2>\n<p>It&#8217;s important to note that while Brent is extracted in the North Sea, the Organization of the Petroleum Exporting Countries (OPEC), is responsible for the majority of its production and distribution. Therefore, OPEC can have an influence on the price of crude.<\/p>\n<p>If you want to know what is the current <a href=\"https:\/\/www.techopedia.com\/investing\/oil-price-forecast\">price of Brent crude oil<\/a>, you can find the commodity priced on the New York Mercantile Exchange (NYMEX) financial market under the symbol &#8220;BZ&#8221;.<\/p>\n<h2><span id=\"7_factors_affecting_the_price_of_brent_crude_oil\">7 Factors Affecting the Price of Brent Crude Oil<\/span><\/h2>\n<p>Many factors play a role in the brent crude oil price. These can include:<\/p>\n<p class=\"p1\"><div class=\"su-accordion su-u-trim\">\n<p class=\"p1\"><div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Geopolitical tensions<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Conflicts in the Middle East or in OPEC countries can have an outsized impact on the price of Brent crude. <\/div><\/div>\n<p class=\"p1\"><div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Global production levels<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> A reduction in supply by oil-producing countries can lift the price of Brent higher. <\/div><\/div>\n<p class=\"p1\"><div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Changes OPEC policy<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> OPEC produces 40% of the world&#8217;s oil, and changes to its reserves or other policies can impact oil prices across the board. <\/div><\/div>\n<p class=\"p1\"><div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Seasonal changes in demand<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> A particularly cold winter can drive up the demand for heating oil, while summer travel ebbs and flows can also have an impact. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Sanctions<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Such as trade restrictions on Iran, Russia, or other major oil producers. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Alternative oil production<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Shale oil extraction and other technological innovations can reduce the need for Brent and lower its price. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Speculative trading<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Financial institutions and <a href=\"https:\/\/www.techopedia.com\/definition\/investment-fund\">investment funds<\/a> can impact the price of oil through their investment decisions, especially in the futures markets. <\/div><\/div>\n<p class=\"p1\"><\/div>\n<h2><span id=\"brent_crudes_impact_on_the_global_economy\">Brent Crude&#8217;s Impact on the Global Economy<\/span><\/h2>\n<p>While the global economy is attempting to wean off of fossil fuels, oil is still a very important commodity in powering the lives of most people around the world. As a major benchmark for oil pricing, Brent crude can be seen as a signpost of economic activity.<\/p>\n<p>When Brent crude begins rising in price, it can lead to higher fuel costs, which affects major industries like transportation, manufacturing, and heating. These price changes can have a downstream effect all the way to consumers.<\/p>\n<p>There is also an impact on countries that import or export oil. Oil-exporting countries can make a significant amount of their revenue from oil, and price changes can affect their <a href=\"https:\/\/www.techopedia.com\/definition\/gross-domestic-product-gdp\">GDP<\/a> and economic growth.<\/p>\n<p>Meanwhile, heavy oil-importing countries rely on outside sources for their Brent crude and can see their costs rise and fall with changes in Brent prices.<\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>Brent crude oil is an important benchmark in the global economic landscape. According to the Brent crude definition, while the oil is extracted in the North Sea, it&#8217;s the Middle East and OPEC that controls the oil&#8217;s production and distribution. When you see the price of Brent change, it can be a result of anything from geopolitical tensions to seasonal changes in demand or even speculative trading by investors.<\/p>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><\/time><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is Brent Crude in simple terms?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Brent crude, meaning crude oil extracted from the North Sea, is used in global trade and as a major benchmark of oil prices. <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the difference between Brent and WTI crude oil?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Brent crude is more often found across the world, while WTI is localized in the United States. <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What does Brent stand for?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Brent crude is named after the Brent oil field in the North Sea where the oil was first extracted in the 1970s.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Why is US crude cheaper than Brent?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">US or WTI crude oil is more often used domestically in the United States. This means it has less transportation costs, and can be sold at a cheaper price to the end user. Additionally, with the increase in shale oil in the US, the demand for WTI oil has declined, causing it to price lower than brent.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What factors affect Brent crude oil prices?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">There are a wide variety of factors that can impact the price of brent, including geopolitical tensions, supply fluctuations, OPEC policy changes, seasonal demand, and more.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Which country owns Brent crude oil?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">No single country owns Brent crude oil. Instead, the nations located around the North Sea, like the United Kingdom and Norway, extract the natural resource which is then sold on the global market. <\/p>\r\n                <\/div><\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>What is Brent Crude? Brent crude is a commodity used as a major oil pricing benchmark. Brent crude is oil extracted from the North Sea. It is light and sweet, making it preferable for use in gasoline and other applications. Why is Brent Crude a Key Benchmark? As much as two-thirds of the world&#8217;s oil [&hellip;]<\/p>\n","protected":false},"author":287067,"featured_media":297602,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"definitioncat":[2683],"class_list":["post-296849","definition","type-definition","status-publish","format-standard","has-post-thumbnail","hentry","definitioncat-commodities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Brent Crude? Definition &amp; Its Impact on the Global Economy<\/title>\n<meta name=\"description\" content=\"Brent crude is an oil that trades around the world. 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