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Venezuela Crude Oil Specifications . In areas where oil is found in shallow reservoirs, seeps of crude oil or gas may naturally develop, and some oil could simply be collected from seepage or tar ponds. Oil has been used for lighting purposes for many thousand years. Colombian E&P finds silver lining in Venezuelan oil from www.bloomberg.com Brent crude may refer to any or all of the components of the brent complex, a physically and financially traded oil market based around the north sea of northwest europe; Crude oil marketwire is delivered in pdf format via email. Colloquially, brent crude usually refers to the price of the ice brent crude oil futures contract or the contract itself.