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Outside the United States, volumes of oil are usually reported in cubic metres (m 3) instead of oil barrels. Cubic metre is the basic volume unit in the International System. In Canada, oil companies measure oil in cubic metres, but convert to barrels on export, since most of Canada's oil production is exported to the US.
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).
Oil conversion factor from m³ to bbl (or stb) is 6.28981100; Gas conversion factor from standard m³ to scf is 35.314666721; Note that the m³ gas conversion factor takes into account a difference in the standard temperature base for measurement of gas volumes in metric and imperial units.
MMbod – million barrels of oil per day; MMboe – million barrels of oil equivalent; MMboed – million barrels of oil equivalent per day; MMbpd – million barrels per day; MMcf – million cubic feet (of natural gas) MMcfe – million cubic feet (of natural gas equivalent) MMcfge – million cubic feet (of natural gas equivalent)
Stack Tank Oil (STO) density (or API) may also be used by regulatory bodies to classify oil and oil products. Other properties such as Molecular Weight , saturated aromatic resin and asphaltene (SARA), refractive index , wax appearance temperature, asphaltene precipitation, and acid number , are also specified at Stock Tank conditions. [ 1 ]
Under this definition (crude and condensate), total world oil production in 2023 averaged 81,804,000 barrels per day. Approximately 72% of world oil production came from the top ten countries, and an overlapping 35% came from the twelve OPEC members.
Oil prices are expected to overshoot $125 a barrel next year and $150 in 2023 ... The bank forecast global oil demand to reach 99.8-101.5 million barrels per day in 2022-23. (Reporting by Kavya ...
A 1956 world oil production distribution, showing historical data and future production, proposed by M. King Hubbert – it had a peak of 12.5 billion barrels per year in about the year 2000. As of 2022, world oil production was about 29.5 billion barrels per year (80.8 Mbbl/day), [1] with an oil glut between 2014 and 2018.