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A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels (such as the U.K. beer barrel and U.S. beer barrel), oil barrels, and so forth. For historical reasons the volumes of some barrel units are roughly double the volumes of others; volumes in common use range approximately from 100 to 200 ...
At recent market prices ($58 a barrel as of March 2021), [6] the SPR holds over $14.6 billion in sweet crude and approximately $18.3 billion in sour crude (assuming a $15/barrel discount for sulfur content). In 2012, the total value of the crude in the SPR was approximately $43.5 billion, while the price paid for the oil was $20.1 billion (an ...
Oil conversion factor from m³ to bbl (or stb) is 6.28981100; Gas conversion factor from standard m³ to scf is 35.314666721; Note that the m³ gas conversion factor takes into account a difference in the standard temperature base for measurement of gas volumes in metric and imperial units.
Crude oil prices spiked last week amid fears the Israel-Hamas war could broaden to other countries — namely Iran — a key global oil producer.. Despite last week's gains, prices are still ...
In 1970, local peak production was 10,044 million bbl (1,597 million m 3) per day in November 1970. [8] Total production of crude oil from 1970 through 2006 was 102 billion barrels (16.2 × 10 ^ 9 m 3), or roughly five and a half times the proved reserves over the same timeframe when taking into account the decreasing proved reserves.
The U.S. Energy Information Administration defines the barrel of oil equivalent as about 6 gigajoules (1.7 megawatt-hours; 5.7 million British thermal units). [1] The value is necessarily approximate as various grades of oil and gas have slightly different heating values.
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
The materials balance method for an oil or gas field uses an equation that relates the volume of oil, water and gas that has been produced from a reservoir and the change in reservoir pressure to calculate the remaining oil & gas. It assumes that, as fluids from the reservoir are produced, there will be a change in the reservoir pressure that ...