Search results
Results From The WOW.Com Content Network
Each crude oil has unique molecular characteristics which are revealed by the use of crude oil assay analysis in petroleum laboratories. [83] Barrels from an area in which the crude oil's molecular characteristics have been determined and the oil has been classified are used as pricing references throughout the world.
The clear cut definition of light and heavy crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m 3) and 42° API (816 kg/m 3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m 3 ...
Heavy crude oil (or extra heavy crude oil) is highly viscous oil that cannot easily flow from production wells under normal reservoir conditions. [1] It is referred to as "heavy" because its density or specific gravity is higher than that of light crude oil. Heavy crude oil has been defined as any liquid petroleum with an API gravity less than ...
The oil market, like other markets, is one in which prices are largely determined by what traders and investors call "market psychology." That's because at any given time, there's usually enough ...
Petroleum refinery in Anacortes, Washington, United States. Petroleum refining processes are the chemical engineering processes and other facilities used in petroleum refineries (also referred to as oil refineries) to transform crude oil into useful products such as liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil and fuel oils.
Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products. Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it a critical ...
Petrochemical plant in Saudi Arabia. Petrochemicals (sometimes abbreviated as petchems [1]) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as maize, palm fruit or sugar cane.
Among the oil majors, industry leader ExxonMobil has not participated in the early 2025 sector rally. On Tuesday the company lowered its earnings estimates, citing weaker refining profits in the ...