Units of Trade: Conversion rules in the global oil industry. Tonnes, barrels, cubic meters and gallons

 

The petroleum product market uses different units to measure the volume of petroleum products. In the U.S. markets for crude oil and petroleum products, barrels and gallons are the most common measurement units. European and Asian markets use liters, metric tons and cubic meters. Historically, this is the way it is, and there is nothing wrong with that.

In times of world globalization and openness of markets, units of measurement often begin to overlap and mix. For example, in the European and Asian markets, it has become the norm to sell aviation kerosene in American barrels. Conversely, the U.S. market is increasingly using metric tons for diesel fuel contracts.

When working in global markets for petroleum products, it is important to understand how many liters are in one metric ton or how many barrels are in one gallon. In this article we would like to provide conversion tables of the main conversion values in the petroleum products market – tons, liters, cubic meters, barrels and gallons, as well as provide basic density figures for the most common types of petroleum products. We hope that this article will be useful for all participants of the oil and oil products market, and will serve as a visual aid for working with their partners.

The full text of the article about the units of trade in the oil products market and the rules of conversion in the global oil industry. Tonnes, barrels, cubic metres and gallons, can be read at this link on the REFRAT website.

Комментарии

Отправить комментарий

Популярные сообщения из этого блога

Density of crude oil. The ratio of the mass of crude oil to its volume

  Density is a scalar physical quantity defined as the ratio of the mass of a body to the volume occupied by that body or as the derivative of mass by volume. Translated into ordinary language, it is the weight of oil in one cubic meter. Density is an important indicator of the quality of crude oil. The heavier the oil, the more heavy components it contains, and accordingly, obtaining finished petroleum products from which will require higher temperatures and deep cracking. Conversely, the lighter the crude oil, the less high temperatures will be required to produce petroleum products. Oil density (volumetric mass) varies between 730-1040 kg/m³. In practice, for its measurement, the units of grams per cubic centimeter (g/cm³) are more often used and, accordingly, the density of oil varies within the range of 0.730-1.040 g/cm³. The most common values of oil density are 0.82-0.90 g/cm³. You can read the full article on crude oil density, at this link on REFRAT's w...
Далее...

Official state public registers of companies. Partner data verification for successful and safe transactions.

  In the world of business, transparency and reliability of information play a crucial role. This is especially true in the wholesale trade of petroleum products, where every transaction requires thorough verification of counterparties and partners. One of the most effective ways to ensure safety and reliability in business relations is to turn to public registers of companies. Public registers are databases containing information about legal entities, their registration, activities, directors and other essential aspects. For petroleum products traders around the world, access to such registers is becoming an integral part of the pre-transaction analysis process. In this article, we offer a useful resource for our readers – a list of official public company registries in various countries around the world. We place particular emphasis on public data sources, excluding unverified private resources, to ensure the reliability and validity of the information provid...
Далее...

POP (Proof Of Product). Basic set of documents for goods in international trade

  In the world of international wholesale trade, including oil and petroleum products, where large volumes of goods are shipped across different countries and continents, ensuring the transparency of the transaction and verifying the authenticity of the goods is a matter of paramount importance. However, there are many fraudsters in the oil trade who seek to defraud customers by forging documents or offering non-existent or substandard goods. In order to protect the interests of customers and ensure successful transactions, it is necessary to strictly adhere to a certain set of documents, as well as to pay special attention to the details of verification of these documents. First of all, the presence of a correct and complete set of documents is necessary for the legal import of goods into the customs territory of the country of destination for customs clearance and import procedures. But also – the initial check and analysis of documents before the transaction, will ...
Далее...