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An oil refinery in Ahmadi Governorate in Kuwait. Petroleum or crude oil, also referred to as simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrogencarbons, [1] and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of ...
The three most quoted oil products are North America 's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude, and their pricing is used as a barometer for the entire petroleum industry, although, in total, there are 46 key oil exporting countries. Brent Crude is typically priced at about $2 over the WTI Spot price ...
Crude oil is classified as light, medium, or heavy according to its measured API gravity. Light crude oil has an API gravity higher than 31.1° (i.e., less than 870 kg/m 3) Medium oil has an API gravity between 22.3 and 31.1° (i.e., 870 to 920 kg/m 3) Heavy crude oil has an API gravity below 22.3° (i.e., 920 to 1000 kg/m 3)
Heavy crude oil. Heavy crude oil (or extra heavy crude oil) is highly viscous oil that cannot easily flow from production wells under normal reservoir conditions. [1] It is referred to as "heavy" because its density or specific gravity is higher than that of light crude oil. Heavy crude oil has been defined as any liquid petroleum with an API ...
Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels.
The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. This grade is described as light because of its relatively low density, and sweet because of its low sulphur content. Brent is the leading global price benchmark for Atlantic basin crude oils.
Petroleum refinery in Anacortes, Washington, United States. Petroleum refining processes are the chemical engineering processes and other facilities used in petroleum refineries (also referred to as oil refineries) to transform crude oil into useful products such as liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil and fuel oils.
At $70 oil, adding Hess would help more than double Chevron's free cash flow by 2027. With its stock down double digits over the past year because of lower oil prices and the delayed Hess deal ...