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Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to be economically viable.
West Texas Intermediate crude pared gains to fall below the flatline, on track to end the week negative, while Brent futures also declined but were on pace to break a three-week losing streak.
"If current crude prices continue to do the cha-cha, and there are no events (fires, hurricanes, etc.), consumers can expect another 20 to 25 cents per gallon of downside for local gas prices ...
The current Brent blend consists of crude oil produced from the Forties (added 2002), Oseberg (added 2002), Ekofisk (added 2007), Troll (added 2018) oil fields (also known as the BFOET Quotation) [2] and oil drilled from Midland, Texas in the Permian Basin (added 2023).
Among the beneficiaries of the current state of the oil market are U.S. motorists, who have seen gasoline prices fall to their lowest in 2 1/2 years to near $3 a gallon. ... Crude oil makes up ...
Global strategic petroleum reserves (GSPR) refer to crude oil inventories (or stockpiles) held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis. Strategic reserves are intended to be used to cover short-term supply disruptions.
The developments are set to upend a symbiotic oil trade between the U.S. and its neighbors: Many U.S. refineries are geared to churn the type of heavy and medium crude oil grades Canada produces ...
Crude oil is considered "heavy" if it has long hydrocarbon chains, or "light" if it has short hydrocarbon chains: an API gravity of 34 or higher is "light", between 31 and 33 is "medium", and 30 or below is "heavy". Crude is considered "sweet" if it is low in sulphur content (< 0.5%/weight), or "sour" if high (> 1.0%/weight). Generally, the ...