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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. 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 ...
The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.
It is located in Dubai and operated by the Emirates National Oil Co. , which is owned by the Government of Dubai. It is a 120 kbpd gas condensate refinery, and processes mainly condensate or light crude oil. These inputs are processed to various products, including LPG, naphtha, jet fuel, diesel fuel and fuel oil.
In 1966, Castrol was acquired by company Burmah Oil, which was renamed "Burmah-Castrol". Burmah-Castrol was purchased by London-based multinational BP (then, "BP Amoco plc") in 2000. [5] At the time of purchase, Burmah-Castrol had a turnover of nearly £3 billion with operating profits of £284 million.
Mobil 1 engine oil was introduced in 1973. [1] The brand range now includes a variety of engine oils, oil filters, chassis grease, transmission fluids, and gear lubricants. [2] In 1998, Mobil challenged Castrol over the discovery that Castrol was processing conventional oil and calling it synthetic. At the time, Mobil 1 was still created using ...
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It is produced in the Emirate of Dubai, part of the United Arab Emirates. [5] Dubai's only refinery, at Jebel Ali, takes condensates as feedstocks, and therefore all of Dubai's crude production is exported. For many years it was the only freely traded oil in the Middle East, but gradually a spot market has developed in Omani crude as well.
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.