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Although crude oil is sometimes shipped in 55-US-gallon drums, the measurement standard of oil in barrels is based on the whiskey containers of the 1870s that measured 42 US gallons (35 imp gal; 159 L). [12] The measure of 42 US or wine gallons corresponds to a wine tierce (third-pipe).
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa) (or 1 atm). This standard barrel of oil will occupy a different volume at different ...
The standard size barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (35.0 imp gal; 159.0 L). This measurement originated in the early Pennsylvania oil fields , and permitted both British and American merchants to refer to the same unit, based on the old English wine measure, the tierce .
As with the hogshead, the ale barrel underwent various redefinitions. Initially 32 ale or beer gallons (147.9 L), it was redefined in 1688 as 34 ale or beer gallons (157.1 L), and again in 1803 as 36 ale or beer gallons (166.4 L). barrel (Beer) The beer barrel was defined as 36 ale or beer gallons until the adoption of the imperial system.
Historically a beer barrel was a standard size of 36 US gallons (140 L; 30 imp gal), as opposed to a wine barrel of 32 US gallons (120 L; 27 imp gal), or an oil barrel of 42 US gallons (160 L; 35 imp gal). Over the years barrel sizes have evolved, and breweries throughout the world use different sized containers.
JPMorgan forecasts Brent slipping from an average of $80 per barrel this year to $73 per barrel in 2025 and $61 in 2026. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X ...
The tierce (also terse) is both an archaic volume unit of measure of goods and the name of the cask of that size. [1] The most common definitions are either one-third of a pipe or forty-two gallons. In the petroleum industry - a barrel of oil is defined as 42 US gallons.
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