Tapis crude is a Malaysian crude oil used as a pricing benchmark in Singapore. Tapis is very light, with an API gravity of 43°-45°, and very sweet, with only about 0.04% sulfur. While it is not traded on a market like Brent Crude or West Texas Intermediate (WTI), it is often used as an oil marker for Asia and Australia.
The price of Tapis in Singapore is often considerably higher than the price of benchmark crude oils such as Brent or WTI (those commonly referenced in market commentaries). This is because its greater aromaticity (i.e. higher ° API) allows for greater production of higher-value products, such as petrol, than from Brent or WTI. Its high price is also due to the purity of the blend. Because it contains less sulfur it requires less refinery processing than sourer crude oils such as Brent Oil and WTI.
Malaysia is the only country which has significant amounts of oil produced as Tapis, from fields located in the South China Sea.