{"id":2311,"date":"2024-05-01T17:07:12","date_gmt":"2024-05-01T11:37:12","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=2311"},"modified":"2024-05-01T17:21:32","modified_gmt":"2024-05-01T11:51:32","slug":"q-the-term-west-taxes-intermediate-sometimes-found-in-news-to-a-grade-of","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-the-term-west-taxes-intermediate-sometimes-found-in-news-to-a-grade-of","title":{"rendered":"Q. The term \u2018West Taxes Intermediate\u2019, sometimes found in news to a grade of"},"content":{"rendered":"\n<ul class=\"mcq wp-block-list\">\n<li>Crude oil<\/li>\n\n\n\n<li>Bullion<\/li>\n\n\n\n<li>Rare earth elements<\/li>\n\n\n\n<li>Uranium<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer: &nbsp;(a) Crude oil<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"west-texas-intermediate-wti\">West Texas Intermediate (WTI):<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>West Texas Intermediate (WTI) is a\u00a0<strong>light, sweet crude oil that serves as one of the main global oil benchmarks.<\/strong>\n<ul class=\"wp-block-list\">\n<li>This grade is described as\u00a0<strong>light crude oil because of its relatively low density<\/strong>, and\u00a0<strong>sweet because of its low sulfur content.<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>It is sourced primarily from inland Texas and is one of the highest quality oils in the world, which is easy to refine.<\/li>\n\n\n\n<li><strong>WTI is the underlying commodity for the NYMEX\u2019s oil futures contract.<\/strong><\/li>\n\n\n\n<li>WTI is often compared to Brent crude, which is an oil benchmark for two-thirds of the world\u2019s oil contracts based on oil extracted in the North Sea.<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"difference-between-brent-and-wti\"><strong>Difference between Brent and WTI<\/strong><\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brent crude oil<\/strong>\u00a0originates from oil fields in the\u00a0<strong>North Sea<\/strong>\u00a0between the Shetland Islands and Norway, while\u00a0<strong>West Texas Intermediate<\/strong>\u00a0(WTI) is sourced from\u00a0<strong>US oil fields,<\/strong>\u00a0primarily in Texas, Louisiana, and North Dakota.<\/li>\n\n\n\n<li><strong>WTI with a lower sulphur content (0.24%)<\/strong>\u00a0than\u00a0<strong>Brent (0.37%),<\/strong>\u00a0is considered\u00a0<strong>\u201csweeter\u201d.<\/strong><\/li>\n\n\n\n<li>Both oils are\u00a0<strong>relatively light,<\/strong>\u00a0but Brent has a slightly higher API gravity, making WTI the lighter of the two.\n<ul class=\"wp-block-list\">\n<li><strong>American Petroleum Institute (API) gravity<\/strong>\u00a0is an indicator of the density of crude oil or refined products.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Brent crude price<\/strong>\u00a0is the international benchmark price used by the<strong>\u00a0OPEC<\/strong>\u00a0while\u00a0<strong>WTI crude price<\/strong>\u00a0is a benchmark for\u00a0<strong>US oil prices.<\/strong>\n<ul class=\"wp-block-list\">\n<li>Since\u00a0<strong>India imports primarily from OPEC<\/strong>\u00a0countries, Brent is the benchmark for oil prices in India.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Cost of shipping for Brent<\/strong>\u00a0crude is typically<strong>\u00a0lower,<\/strong>\u00a0since it is\u00a0<strong>produced near the sea<\/strong>\u00a0and it can be put on ships immediately. Shipping of WTI is priced higher since it is produced in landlocked areas like Cushing, Oklahoma where the storage facilities are limited.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Answer: &nbsp;(a) Crude oil West Texas Intermediate (WTI): Difference between Brent and WTI<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[47],"years":[53],"class_list":["post-2311","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-international-relations","years-53"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":47,"label":"International Relations"}],"years":[{"value":53,"label":"2020"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":47,"name":"International Relations","slug":"international-relations","term_group":0,"term_taxonomy_id":47,"taxonomy":"post_tag","description":"","parent":0,"count":79,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/2311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=2311"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/2311\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=2311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=2311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=2311"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=2311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}