||A mixture of hydrocarbons that exists in liquid phase in natural underground
reservoirs and remains liquid at atmospheric pressure after passing through
surface separating facilities. Depending upon the characteristics of the crude
stream, it may also include:
Small amounts of hydrocarbons that exist in gaseous phase in natural
underground reservoirs but are liquid at atmospheric pressure after being
recovered from oil well (casinghead) gas in lease separators and are subsequently
commingled with the crude stream without being separately measured. Lease
condensate recovered as a liquid from natural gas wells in lease or field
separation facilities and later mixed into the crude stream is also included;
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands,
gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce
a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels;
lubricants; asphalt; ethane, propane, and butane; and many other products used for their
energy or chemical content.
|F.O.B. Price (Free on Board)
||The price actually charged at the producing country's port of loading. The reported price
includes deductions for any rebates and discounts or additions of premiums where applicable
and should be the actual price paid with no adjustment for credit terms.
||Crude oil produced outside the U.S. and brought into the U.S.
|OPEC (Organization of the Petroleum Exporting Countries)
||An intergovernmental organization whose stated
objective is to "coordinate and unify the petroleum policies of member countries." It was created at the
Baghdad Conference on September 10–14, 1960. Current members (with years of membership) include Algeria
(1969–present), Angola (2007–present), Ecuador (1973–1992 and 2007–present), Iran (1960–present), Iraq
(1960–present), Kuwait (1960–present), Libya (1962–present), Nigeria (1971–present), Qatar (1961–present),
Saudi Arabia (1960–present), United Arab Emirates (1967–present), and Venezuela (1960–present). Countries no
longer members of OPEC include Gabon (1975–1994) and Indonesia (1962–2008).
||Includes Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United