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Although crude oil is sometimes shipped in 55-US-gallon drums, the measurement standard of oil in barrels is based on the whiskey containers of the 1870s that measured 42 US gallons (35 imp gal; 159 L). [12] The measure of 42 US or wine gallons corresponds to a wine tierce (third-pipe).
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa). This standard barrel of oil will occupy a different volume at different pressures and ...
The standard size barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (35.0 imp gal; 159.0 L). This measurement originated in the early Pennsylvania oil fields , and permitted both British and American merchants to refer to the same unit, based on the old English wine measure, the tierce .
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).
Historically a beer barrel was a standard size of 36 US gallons (140 L; 30 imp gal), as opposed to a wine barrel of 32 US gallons (120 L; 27 imp gal), or an oil barrel of 42 US gallons (160 L; 35 imp gal). Over the years barrel sizes have evolved, and breweries throughout the world use different sized containers.
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of slowing demand as countries shift toward cleaner energies and forms of transportation ...
The tierce (also terse) is both an archaic volume unit of measure of goods and the name of the cask of that size. [1] The most common definitions are either one-third of a pipe or forty-two gallons. In the petroleum industry - a barrel of oil is defined as 42 US gallons.
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