Process and catalyst formulation for cracking crude oil to produce light olefins and aromatics

A process for converting crude oil to light olefins, aromatics, or both, the process comprising contacting a crude oil with a fluidized catalytic cracking (FCC) catalyst composition in an FCC system at a temperature of greater than or equal to 580° C., a weight ratio of the FCC catalyst composition to the crude oil of from 2:1 to 10:1, and a residence time of from 0.1 seconds to 60 seconds, where:

• the FCC catalyst composition comprises a plurality of microparticles, where each of the plurality of microparticles comprises:
• ultrastable Y-type zeolite (USY zeolite) impregnated with lanthanum;
• ZSM-5 zeolite impregnated with phosphorous;
• an alumina binder;
• colloidal silica;
• and
• a matrix material comprising Kaolin clay;
• the crude oil has an initial boiling point from 30 degrees Celsius to 50 degrees Celsius and an end boiling point greater than 720 degrees Celsius;
• the crude oil comprises less than 50 wt. % paraffin compounds per unit weight of the crude oil;
• and
• contacting causes at least a portion of hydrocarbons in the crude oil to undergo cracking reactions to produce a cracked effluent comprising at least olefins.