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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 ...
Marine gas oil Distillate 10-20 No. 3 fuel oil No. 3 distillate No. 3 diesel fuel Marine diesel oil Distillate No. 4 fuel oil No. 4 distillate No. 4 residual fuel oil Bunker A Intermediate fuel oil Distillate/Residual 12-70 No. 5 fuel oil No. 5 residual fuel oil Heavy fuel oil Bunker B Navy special fuel oil Furnace fuel oil Residual 12-70
American petroleum refining largely grew out of oil shale refining. When the Drake Well started producing in 1859, the oil shale industry was growing rapidly, and establishing refineries near cannel coal deposits along the Ohio River Valley. As oil production increased, the oil shale refiners discovered that their refining process worked just ...
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
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Data available until 2011 for fuel oil sales to the international marine shipping sector reports 207.5 million tonnes total fuel oil sales with HFO accounting for 177.9 million tonnes. [9] Marine vessels can use a variety of different fuels for the purpose of propulsion, which are divided into two broad categories: residual oils or distillates.
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