Four important characteristics of oil: Learn about the importance of Iraqi crude
Four important characteristics of oil: Learn about the importance of Iraqi crude
2021-05-22 02:13
Shafaq News / Oil is a natural resource extracted from the earth and takes the form of many and varied ores, and it has quality standards that make raw materials more expensive than others.
The quality of any crude oil is measured through two main criteria: the density and the percentage of sulfur in the crude.
Density and percentage of sulfur
According to this criterion, there are light materials, which are usually the most expensive if it scored 38 degrees or more, and heavy ones, i.e. high viscosity if it scored 22 degrees or less, and it is the cheapest price.
Petroleum raw materials are also divided according to this standard into sweet raw materials, i.e. low sulfur by containing 0.5% sulfur, and sour or once high sulfur raw materials if they rise from the previous percentage.
Measurement method
The amount of oil is measured in barrels. One barrel is equivalent to about 42 US gallons or 159 liters.
Oil consists of crude oil and all other petroleum liquids and biofuels, knowing that crude oil is oil in its natural state when it is extracted before refining it.
Oil reserves
Venezuela has the largest proven oil reserves in the world, while Saudi Arabia ranks second, according to OPEC estimates in its latest annual report.
Iran, Iraq, Kuwait and the UAE come in the fourth place in succession, then Russia is ranked seventh.
The United States occupies the eighth place in terms of reserves until the end of 2019, followed by Libya and Nigeria in the ninth and tenth places, respectively.
The most consuming countries
The United States is the world’s largest consumer of crude oil, as the world’s largest economy consumes 20.51 million barrels per day.
China comes in second place, consuming 13.89 million barrels per day of crude, then India and Russia in the third and fourth places, consuming 4.77 and 3.88 million barrels per day, respectively.
Japan is ranked fifth, consuming 3.79 million barrels per day, followed by Saudi Arabia in sixth place, with Riyadh consumption reaching 3.08 million barrels per day.
Then Brazil consumes 3.06 million barrels per day, South Korea 2.57 million barrels per day, Canada consumes 2.53 million barrels per day, and Germany consumes 2.33 million barrels per day.
These 10 countries account for nearly 60% of total crude oil consumption around the world.
shafaq.com
