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For example, the viscosity of Venezuela's Orinoco extra-heavy crude oil lies in the range 1000–5000 cP (1–5 Pa·s), while Canadian extra-heavy crude has a viscosity in the range 5000–10,000 cP (5–10 Pa·s), about the same as molasses, and higher (up to 100,000 cP or 100 Pa·s for the most viscous commercially exploitable deposits). [2]
Mercuria, in 2017, moved about 1.5 million barrels per day (240,000 m 3 /d), of crude and oil products and has upstream and downstream assets ranging from oil reserves in Argentina, Canada and the United States, to oil and products terminals in Europe and China, as well as substantial investment in the bio fuels plants in Germany and the Netherlands.
Due to the great surge in American production of oil, natural gas, and natural gas liquids since 2008, those products have been cheaper in the North American market than worldwide, giving American refiners a major cost advantage. [19] The discount on US crude is partially attributed to the long-standing federal ban on exports of American crude oil.
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend , and Dubai Crude .
Flaring a flow test, the first outward indication of a new oil or gas discovery, which has the potential to qualify for reserves assessment. Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to ...
In 2012 the oil production of the US increased by 800,000 barrels per day, the highest ever recorded increase in one year since oil drilling began in 1859. [9] In April 2013, US crude production was at a more than 20-year high, aided by the shale gas and tight oil boom; with production near 7.2 million barrels per day. [10]
The feedstock to the FCC conversion process usually is heavy gas oil (HGO), which is that portion of the petroleum (crude oil) that has an initial boiling-point temperature of 340 °C (644 °F) or higher, at atmospheric pressure, and that has an average molecular weight that ranges from about 200 to 600 or higher; heavy gas oil also is known as ...
In 2015, global capacity for oil storage was out-paced by global oil production and an oil glut occurred. Crude oil storage space became a tradable commodity with CME Group— which owns NYMEX— offering oil-storage futures contracts in March 2015. [3] Traders and producers can buy and sell the right to store certain types of oil. [3]