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Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
In the oil industry, quantities of crude oil are often measured in metric tons. One can calculate the approximate number of barrels per metric ton for a given crude oil based on its API gravity: barrels of crude oil per metric ton = API gravity + 131.5 141.5 × 0.159 {\displaystyle {\text{barrels of crude oil per metric ton}}={\frac {{\text{API ...
The tonne of oil equivalent (toe) is a unit of energy defined as the amount of energy released by burning one tonne of crude oil.It is approximately 42 gigajoules or 11.630 megawatt-hours, although as different crude oils have different calorific values, the exact value is defined by convention; several slightly different definitions exist.
In the United States, the 42 US-gallon size as a unit of measure is largely confined to the oil industry, while different sizes of barrel are used in other industries. Nearly all other countries use the metric system. Thus, the 42 US-gallon oil barrel is a unit of measure rather than a physical container used to transport crude oil.
#2 Heating oil price, 1986–2022 Kerosene inventory stock levels (United States), 1993–2022. Heating oil is known in the United States as No. 2 heating oil. In the U.S., it must conform to ASTM standard D396. Diesel and kerosene, while often confused as being similar or identical, must each conform to their respective ASTM standards. [3]
On Oct. 5, the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies that comprise OPEC+ announced they would be cutting oil production by two million barrels a day...
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