Explained Why Crude Oil Price Calculated in Barrel Unit ?? 🤔😳
Explained Why Crude Oil Price Calculated in Barrel Unit ?? 🤔😳
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Details About Video:
The crude oil price is typically quoted in terms of the price per barrel. A barrel is a unit of measurement that is commonly used in the oil industry and is equal to 42 US gallons or about 159 liters.
The use of the barrel as a unit of measurement for oil dates back to the early days of the oil industry when oil was transported in wooden barrels. Even though oil is no longer transported in barrels, the unit has remained as a standard for measuring and pricing crude oil.
One of the reasons why the barrel is still used as the standard unit of measurement for crude oil is that it allows for consistency in pricing and trading of crude oil across different countries and markets. The use of a standard unit of measurement makes it easier to compare prices and volumes of crude oil from different sources.
Furthermore, the global oil industry is dominated by a few large players, and these players have set the standard for pricing crude oil in terms of barrels. This means that other units of measurement are not commonly used in the industry.
While the use of the barrel as a unit of measurement for crude oil has its limitations, it has become deeply ingrained in the industry and is unlikely to change anytime soon.
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