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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).
BO – barrel of oil; boe – barrels of oil equivalent; boed – barrels of oil equivalent per day; BOEM – Bureau of Ocean Energy Management; boepd – barrels of oil equivalent per day; BOB – back on bottom; BOD – biological oxygen demand; BOL – bill of lading; BOM – bill of materials; BOP – blowout preventer; BOP – bottom of pipe
As opposed to several other units of measure such as the pipe, cark and frail, the definition of the tierce remained stable with similar entries found in dictionaries from 1658 through 1780. [4] By 1847, the introduction of steam technology allowed a 25-person manufacturing plant to make 15,000 tierce casks per year.
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 Biden administration has since begun refilling the oil reserve, which had more than 367 million barrels of crude oil as of last week. The total is lower than levels before the Russia-Ukraine ...
Oil has not been shipped in barrels [29] since the introduction of oil tankers, but the 42 US gallon size is still used as a unit of measurement for pricing and tax and regulatory codes. Each barrel is refined into about 20 US gallons (17 imp gal; 76 L) of gasoline , [ 30 ] the rest becoming other products such as jet fuel and heating oil ...
Escalating tensions abroad could push oil prices to roughly $90 per barrel, according to one analyst. Prices weren't too far from those levels on Monday, as Brent hovered above $86 per barrel ...
Brent crude futures have seen a similar rise of more than 30% over the same period, currently hovering above $94 per barrel. Citi's analysts see oil averaging $84 in the fourth quarter 2023 and ...