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.
gathering, compressing, treating, processing, transporting and purchasing and selling natural gas; transporting, storing, fractionating, treating and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling and purchasing and selling crude oil.
A drain on commercial crude oil inventories suggests economic activity in the United States is recovering after last year’s pandemic slowdown, analysts told Zenger News... Lower crude oil inventories ... crude oil production is actually on the decline, while global demand is rising.
- Crude production increases According to EIA data, US crude oil imports decreased by 411,000 barrels per day (bpd) to around 5.85 million bpd for the week ending April 9, while crude oil exports also declined by 855,000 bpd to 2.58 million bpd.
West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly lower at the mid-session on Thursday after clawing back most of their earlier losses ... crude oil draw ... At 15.39 GMT, June WTI crude oil is trading $63.13, down $0.09 or -0.14% and June Brent crude oil is at $66.59, up $0.01 or +0.02%.
... productive oil field in the United States. Approximately 3 million barrels of the Permian’s monthly crude production happens in Pecos County; there is an oil or gas well for roughly every two people here.
... sovereign wealth fund and contributions by private shareholders, according to a report by the Iranian Oil Ministry’s news service Shana ... OPEC says Iran raised crude oil output in March by 6.3%. The OPEC data obtained from sources shows Iran’s crude production rose by 6.3% in March.
NEW DELHI. The wholesale price-based inflation shot up to over 8-year high of 7.39 per cent in March on rising crude oil and metal prices ... "The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year ... Download. The Times of Indiafor Latest News ... Business. .
PUBLISHED ON APR 15, 2021 12.53 PM IST. The wholesale price-based inflation shot up to over 8-year high of 7.39 per cent in March on rising crude oil and metal prices ... "The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year ... ....
The inflation rate in the fuel and power segment rose to a two-year high 10.3%, compared with a decline of 2.9% in March 2020, which was attributed to the surge in global crude oil prices ... With the manufactured products category, vegetable and animal oils and fats rose an annual 34.2%.
In Yemen, a Houthi military spokesman said the group launched 11 ballistic missiles and one drone targeting an oil facility for Aramco, ... The biggest attack on Aramco was in 2019, when two of the company's facilities were hit, temporarily disrupting crude oil production.
SEOUL, April 15 (Xinhua) -- South Korea posted trade surplus for 11 straight months in March owing to an export recovery, customs office data showed Thursday ... Oil product export increased 17.4 percent on expensive crude oil, but display panel shipment contracted in double figures last month. Enditem .
About 4.8 million barrels per day (mbd) of crude oil is transported both ways through the canal ...India is also the sixth-largest exporter of oil products through the Suez, after Russia, Saudi Arabia, Iraq, Libya and Algeria ... China’s main imports from the region are crude oil and liquified natural gas (LNG).