The first factor is density, measured by API gravity (light versus heavy). A higher API gravity indicates lower density and therefore lighter crude oil. Light crude oil is like vegetable oil, while heavy crude is like peanut butter.
Crude oil, also known as “Black Gold”, has played a significant role in advancing human civilisation. It has powered economies during times of peace, albeit highly contested during periods of conflict. Crude oil, as a commodity, has contributed to the rise of nations but the decline of others. The price of crude oil has a profound influence on global economic growth and the spending power of oil-rich countries.
