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Crude oil

Crude oil:  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 1. 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 (casing head) gas in lease separators and are subsequently comingled 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; 2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals; 3. 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.

Crude oil acquisitions (unfinished oil acquisitions):  The volume of crude oil either:

  • acquired by the respondent for processing for his own account in accordance with accounting procedures generally accepted and consistently and historically applied by the refiner concerned, or
  • in the case of a processing agreement, delivered to another refinery for processing for the respondent's own account.
Crude oil that has not been added by a refiner to inventory and that is thereafter sold or otherwise disposed of without processing for the account of that refiner shall be deducted from its crude oil purchases at the time when the related cost is deducted from refinery inventory in accordance with accounting procedures generally applied by the refiner concerned. Crude oil processed by the respondent for the account of another is not a crude oil acquisition.

Crude oil f.o.b. price:  The crude oil price actually charged at the oil producing country's port of loading. Includes deductions for any rebates and discounts or additions of premiums, where applicable. It is the actual price paid with no adjustment for credit terms.

Crude oil input:  The total crude oil put into processing units at refineries.

Crude oil landed cost:  The price of crude oil at the port of discharge, including charges associated with purchasing, transporting, and insuring a cargo from the purchase point to the port of discharge. The cost does not include charges incurred at the discharge port (e.g., import tariffs or fees, wharfage charges, and demurrage).

Crude oil less lease condensate:  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. Such hydrocarbons as lease condensate and natural gasoline recovered as liquids from natural gas wells in lease or field separation facilities and later mixed into the crude stream are excluded. Depending upon the characteristics of the crude stream, crude oil may also include: 1. 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 comingled with the crude stream without being separately measured; 2. Small amounts of on hydrocarbons produced with the oil, such as sulfur and various metals.

Crude oil losses:  Represents the volume of crude oil reported by petroleum refineries as being lost in their operations. These losses are due to spills, contamination, fires, etc., as opposed to refining processing losses.

Crude oil production:  The volume of crude oil produced from oil reservoirs during given periods of time. The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i.e., the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for (1) net differences between opening and closing lease inventories, and (2) basic sediment and water (BSw).

Crude oil qualities:  Refers to two properties of crude oil, the sulfur content, and API gravity, which affect processing complexity and product characteristics.

Crude oil refinery input:  The total crude oil put into processing units at refineries.

Crude oil stocks:  Stocks of crude oil and lease condensate held at refineries, in pipelines, at pipeline terminals, and on leases.

Crude oil stream:  Crude oil produced in a particular field or a collection of crude oils with similar qualities from fields in close proximity, which the petroleum industry usually describes with a specific name, such as West Texas Intermediate or Saudi Light.

Crude oil used directly:  Crude oil consumed as fuel by crude oil pipelines and on crude oil leases.

Crude oil, refinery receipts:  Receipts of domestic and foreign crude oil at a refinery. Includes all crude oil in transit except crude oil in transit by pipeline. Foreign crude oil is reported as a receipt only after entry through customs. Crude oil of foreign origin held in bonded storage is excluded.