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Light Crude Oil
Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content. Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery.
Light crude oil is traded on the CME Globex, CME ClearPort, (CME Group) and Open Outcry (New York) futures exchange venues and is quoted in U.S. dollars and cents per barrel. Its product symbol is “CL” and its contract size is 1,000 barrels (160 m3) with a minimum fluctuation of $0.01 per barrel.
Bonny Light Crude
Bonny Light Crude oil is a high grade of Nigerian crude oil with high API gravity (low specific gravity), produced in the Niger Delta basin and named after the prolific region around the city of Bonny.
The very low sulfur content of Bonny Light crude makes it a highly desired grade for its low corrosiveness to refinery infrastructure and the lower environmental impact of its byproducts in refinery effluent.
Other grades of Nigerian crude oil are Qua Iboe crude oil, Brass River crude oil, and Forcados crude oil. The Cabinda crude oil is a common grade of crude oil produced in Angola. The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income generation from the oil rich nation.
The national government of Nigeria runs and takes part in the petroleum industry of Nigeria through the NNPC Corporation.