Crude prices can fool you. There are literally a hundred different grades of crude oil sold around the world. The quotes we see are for "light" crude; West Texas Intermediate or Dubai "Light"; this means extremely low sulphur content and very easy to "refine" into various fuels. Most of the crude sold is of the "heavy" ("sour") variety. Some, like the shit coming from Venezuela and Indonesia, is so "sulphur heavy" that special refining techniques have to be used. The oil OPEC is now pricing on the market is the "light" which even they are running out of. Saudi crude is now classified as "heavy". What is the true price? Hard to figure. Go HERE for a brief breakdown of the traded grades. The "OPEC" basket of crudes are: Saudi Arabia's Arab Light
The United Arab Emirates's Dubai
Nigeria's Bonny Light
Algeria's Saharan Blend
Indonesia's Minas
Venezuela's Tia Juana Light (their spelling)
and Mexico's Isthmus.

Here is a partial list of traded crudes:
High Sulphur Grades Low Sulphur Grades
Crude Country of Origin Crude Country of Origin
Suez Mix Egypt Qua Iboe Nigeria
Ziet Bay Egypt Bonny Lt. Nigeria
Basrah Lt. Iraq Escravos Nigeria
Umm Shaif Abu Dhabi Brent Blend UK
Murban Abu Dhabi Palanca Angola
Arab Heavy:Arab Light (80:20) Saudi Arabia Nemba Angola
Arab Lt. Saudi Arabia Cabinda Angola
Arab Medium Saudi Arabia Soyo Angola
Masila North Yemen
Kuwait Kuwait
Dubai UAE
Upper Zakum UAE

Confusing enough?