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Varying standards The clear cut definition of light and heavy crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37 API (840 kg/m 3) and 42 API (816 kg/m 3), while it defines light crude oil for non-U.S. oil as being between 32 API ...
The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil —a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS).
Petroleum or crude oil, also referred to as simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, [1] and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. Petroleum is primarily recovered by ...
The Organization of the Petroleum Exporting Countries ( OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members ( Iran, Iraq, Kuwait, Saudi ...
Top 5 oil producing countries 1980–2022 World oil production This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis. ...
Caused in the aftermath of a blowout and explosion on the Deepwater Horizon oil platform, the United States federal government estimated the total discharge at 4.9 MMbbl (210,000,000 US gal; 780,000 m 3 ). [3] After several failed efforts to contain the flow, the well was declared sealed on 19 September 2010. [10]
Deepwater Horizon was a fifth-generation, RBS-8D design (i.e. model type), deepwater, dynamically positioned, column-stabilized, [4] semi-submersible mobile offshore drilling unit, designed to drill subsea wells for oil exploration and production using an 18.75 in (476 mm), 15,000 psi (100,000 kPa) blowout preventer, and a 21 in (530 mm ...
