Dubai Crude

1. Definition

Dubai Crude is a medium sour crude oil extracted from Dubai and Oman in the Middle East. * It serves as the primary price benchmark for oil exports from the Persian Gulf to Asia (China, South Korea, Japan).

2. Quality

• Medium, Sour: API gravity of ~31 and sulfur content of ~2.04%.
• It has a much higher sulfur content compared to WTI or Brent, making it "sour" and more expensive to refine.

3. Key Characteristics

• Spot Market: Unlike WTI/Brent which are heavily traded as futures, Dubai is often referenced in spot market transactions and assessed by agencies like S&P Global Platts.
• Discount: Due to its lower quality, it typically trades at a discount to WTI and Brent, though high Asian demand can sometimes narrow this gap.