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In the oil industry, one barrel (unit symbol bbl) is a unit of volume used for measuring oil defined as exactly 42 US gallons, approximately 159 liters, [10] or 35 imperial gallons. [ 10 ]
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).
Wine was shipped in barrels of 119 litres (31 US gal; 26 imp gal). A barrel of oil, defined as 42 US gallons (35 imp gal; 160 L), is still used as a measure of volume for oil, although oil is no longer shipped in barrels. The barrel has also come into use as a generic term for a wooden cask of any size.
Many drums nominally measure just under 880 millimetres (35 in) tall with a diameter just under 610 millimetres (24 in), and have a common nominal volume of 208 litres (55 US gal) whereas the barrel volume of crude oil is 42 US gallons (159 L). In the United States, 25-US-gallon (95-litre) drums are also in common use and have the same height.
To extract 1 million barrels per day -- about 5% of U.S. daily consumption -- it would require 12 gigawatts of dedicated electricity generation, 46 billion gallons of water per year, and mining ...
And if you’re the U.S. president when gasoline prices soar above $4 per gallon, you’ve got some explaining to do. ... From 2011 to 2014, U.S. oil prices averaged $95 per barrel and drillers ...
Daily oil consumption by region from 1980 to 2006. This is a list of countries by oil consumption. [1] [2] In 2022, the International Energy Agency (IEA) announced that the total worldwide oil consumption would rise by 2% [3] year over year compared to 2021 despite the COVID-19 pandemic. [citation needed]
West Texas Intermediate rose fractionally on Thursday, hovering above $90 per barrel. Brent crude futures ( BZ=F ) reached $94 per barrel during the session, just off its 10-month intraday high of ...