Concept
Barrel (unit)
Related concepts (15)
Tonne
The tonne (tʌn or tɒn; symbol: t) is a unit of mass equal to 1000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton to distinguish it from the non-metric units of the short ton (United States customary units), and the long ton (British imperial units). It is equivalent to approximately 2204.6 pounds, 1.102 short tons, and 0.984 long tons. The official SI unit is the megagram (symbol: Mg), a less common way to express the same mass.
Petroleum
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure.
Peak oil
Peak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ˈoʊpɛk ) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). The 13 member countries account for an estimated 30 percent of global oil production and 80 percent of the world's proven oil reserves.
Gasoline
Gasoline (North American English; ˈgæsəliːn) or petrol (Commonwealth English (except Canada); ˈpɛtrəl) (see ) is a transparent, slight yellowish petroleum-derived flammable liquid that is used primarily as a fuel in most spark-ignited internal combustion engines (also known as petrol engines). It consists mostly of organic compounds obtained by the fractional distillation of petroleum, enhanced with a variety of additives. On average, U.S. refineries produce, from a barrel of crude oil (42 U.S.