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Oil Price Information Service (OPIS) is a price reporting agency which provides information that is used for commercial contracts and trade settlement related to petroleum, gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, natural gas, petrochemicals, recycled plastics, refinery feedstocks, residual fuel, and kerosene.
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 ...
Lemont Refinery is an oil refinery in Romeoville, Illinois owned and operated by Citgo Petroleum Corporation.Originally constructed in the early 1920s, it was reconstructed between 1968 and 1970 by its then owner Union Oil [1] and has a current crude processing capacity of 177,000 barrels per day. [2]
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Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price.
Lower investment in new oil production and production cuts by many producers will lead to higher crude prices for years to come, a JPMorgan analyst warns. JPMorgan’s energy guru warns oil prices ...
The Illinois Basin has produced more than four billion barrels of petroleum. [6] Major oil production began in 1905, and from 1907 through 1912, the basin was the third-most oil productive area in the United States. Oil production peaked in 1908 at 34 million barrels per year, and declined steadily to 5 million barrels in 1933.