Global trade is an ever-present influence on the economies of nations, and there is more trade internationally in crude oil or petroleum than in anything else. The oil trade refers to the extraction, transportation, and refinement of crude oil to be sold in markets all around the globe. Trade in crude oil and its products is a complex web of wells, offshore platforms, pipelines, tankers, and refineries. Continue reading
Brent Blend, comprising 15 oils from fields in the Brent and Ninian systems in the East Shetland Basin of the North Sea. The brent crude Oil is landed at Sullom Voe in the Shetlands. Oil production from other parts of the world is often compared to the price of this brent oil, which forms a benchmark for the oil price. Continue reading
This is a list of words and phrases used in the oil and gas production industry. Some of the words in the list are considered slang -others common – and their usage as applied to the production of oil and gas often differs from normal usage. The definitions may vary from work area to work area. The list is not to be considered all inclusive, nor as covering all the variations in word meaning. Continue reading
