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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 ...
March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) ... Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986.
The average retail price was, on average, US$3.04 per U.S. gallon. [19] The average retail price of a liter of petrol in the United Kingdom was 86.4p on October 19, 2006, or $6.13 per gallon. [ 20 ] Oil production in Iraq continued to decline as result of the nation's ongoing conflict causing a decrease in production to 1 million barrels per ...
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 ]
Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl). The United States EIA suggests 1 toe has an average energy value of 39.68 million British thermal units (41.9 GJ). [4]
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