Crude oil is a very complex mixture of hydrocarbon compounds
with some inorganic compounds. Simple quality terms (light/ heavy
and sour/ sweet) are defined for convenience and are inadequate
terms to fully characterize the crude.
However, as discussed in the links, a crude that has less than
0.5% sulfur content is sweet crude. Oil that is between 37 to 42
degrees API in density is light oil. Other definitions exist (see
link), however this appears the range used for US produced
crude.
Light sweet crude will sell for higher prices than other grades,
(Heavy sour, heavy sweet, light sour). Many countries produce light
sweet crude including Russia, Saudi Arabia, Iraq, Brazil, Angola,
Nigeria, and the US.
Please see related links.