Petroleum (L.petroleum, from early 15c. "petroleum, rock oil" (mid-14c. in Anglo-French), from Medieval Latin petroleum, from Latin:petra: "rock" + oleum: "oil".) is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface, which is commonly refined into various types of fuels.
Petroleum is recovered mostly through oil drilling (natural petroleum springs are rare). This comes after the studies of structural geology (at the reservoir scale), sedimentary basin analysis, reservoir characterization (mainly in terms of the porosity and permeability of geologic reservoir structures). It is refined and separated, most easily by distillation, into a large number of consumer products, from gasoline (petrol) and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals. Petroleum is used in manufacturing a wide variety of materials, and it is estimated that the world consumes about 90 million barrels each day.
Like Wang's debut feature — the nine-hour Tie Xi Qu: West of the Tracks — Crude Oil is notable for its extreme length, running 840 minutes (14 hours). The original plan called for a 70-hour film, but Wang felt compelled to exert additional editorial control and reduced the work to its present length. The director himself came down with severe altitude sickness and left the location three days into the one-week shoot; his crew completed the remainder without him.
Crude Oil premiered (in a video installation setting) at the 2008 International Film Festival Rotterdam, where it received a "Special Mention" for "its dispassionate expose of the hardship of human labour which is the basis of economic progress." The project was commissioned by the IFFR, with additional support from the Hubert Bals Fund. It had its Asian premiere at the 2008 Hong Kong International Film Festival. Its North American premiere was at The Los Angeles Film Festival in June 2009, with screenings held in Gallery 6 at the Hammer Museum.
Peak oil, an event based on M. King Hubbert's theory, is the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. Peak oil theory is based on the observed rise, peak, fall, and depletion of aggregate production rate in oil fields over time. It is often confused with oil depletion; however, peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply.
Oil production forecasts on which predictions of peak oil are based are often made within a range which includes optimistic (higher production) and pessimistic (lower production) scenarios. Optimistic estimations of peak production forecast the global decline will begin after 2020, and assume major investments in alternatives will occur before a crisis, without requiring major changes in the lifestyle of heavily oil-consuming nations. Pessimistic predictions of future oil production made after 2007 stated either that the peak had already occurred, that oil production was on the cusp of the peak, or that it would occur shortly.
The extraction of petroleum is the process by which usable petroleum is extracted and removed from the earth.
Locating the oil field
Geologists use seismic surveys to search for geological structures that may form oil reservoirs. The "classic" method includes making an underground explosion nearby and observing the seismic response that provides information about the geological structures under the ground . However, "passive" methods that extract information from naturally-occurring seismic waves are also known.
Other instruments such as gravimeters and magnetometers are also sometimes used in the search for petroleum. Extracting crude oil normally starts with drilling wells into the underground reservoir. When an oil well has been tapped, a geologist (known on the rig as the "mudlogger") will note its presence. Such a "mudlogger" is known to be sitting on the rig. Historically, in the USA, some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been used up, except in certain places in Alaska. Often many wells (called multilateral wells) are drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, some wells (secondary wells) may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and so maintain an economic extraction rate.
West Texas Intermediate and international-benchmark crude oil futures finished higher last week despite concerns late in the week over increasing production after the Texas freeze, a stronger U.S ...Last week, April WTI crude oil futures settled at $61.50, up $2.24 or +3.78% and May Brent crude oil futures closed at $64.42, up $2.28 or +3.54%.
So it becomes unsurprising for oil traders to focus much more on crude oil supply dynamics ahead of next week’s OPEC+ meeting as reports surface, Russia is bent on increasing its production capacity in order to fulfill its fiscal obligation, coupled with rumors that hint the Saudi’s seem to favor changing the status quo slightly.
The Adnoc L&S international trading fleet transports crude oil, refined products, dry bulk, containerized cargo, LPG and LNG on its owned and chartered vessels, supporting Adnoc’s operations locally and facilitating the shipment of commodities to global markets.
from Europe and Russia of dirty petroleum product – including various grades of mostly high-sulfur fuel oil and vacuum gasoil – have plunged ...OPEC+ may start ramping production back up, and its output of heavier, sulfurous crudes is likely to result in more high-sulfur fuel oil being made.
Nigeria is losing an average of 200,000 b/d of its crude oil production to theft, indicating a surge in mostly onshore pipeline sabotage in the West African country ...Despite still depressed demand for air transport, jet fuel follows the price curve of crude oil as costlier oil for refining results in more expensive end products, including jet fuel.
changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; ...
Oil marketing companies have raised the prices of domestic ... The price of these crude products has been rising as oil producing nations have restricted supply while demand picks up as economies reopen after Covid-19.
The expansion also involves setting up of crude oil pipeline from Paradip in Odisha to Numaligarh and a product pipeline from Numaligarh to Siliguri in West Bengal...The unit initially could turn 6 million tonnes of crude oil annually into fuel, which was subsequently raised to 7.8 million tonnes.
The recovery in oil prices helped improve exports of petrochemicals and crude oil products. Shipments of petrochemical products increased 22.4 percent from a year earlier, while those of petroleum products were down 15.2 percent, their smallest contraction since April 2020.
...Zone 4, Conoil in Wuse, Eterna filling station in Wuse 2, Mobil in Lokogoma, NNPC, Major oil Jabi, among others. This is coming weeks after the landing cost of the petroleum product rose from N151 to N180 per litre due to the rising price of crude oil in the international market.
The market is still assessing the resumption of US crude oil output after the fallout from the big freeze across Texas. The impact on US crude production is still unclear ... This is completely false, despite the upcoming spring refineries maintenance season in Asia, where China is getting ready with lower crude oil imports.
The Organization of Petroleum Exporting Countries and its allies rescued the global oil industry from an unprecedented slump last year by slashing production when the coronavirus crisis pummeled demand ... In the U.S., stockpiles of crude oil and refined products are back near levels last seen a year ago.