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Oil, Gas & Mining vocabulary · Industry, Reserves & Contracts

Barrel

Meaning in oil, gas & mining, with examples

/ˈbærəl/nounCore term

In oil, gas & mining, barrel means: The standard unit for measuring crude oil, equal to 42 US gallons or about 159 litres. Oil prices and production rates are quoted per barrel.

In Turkish: varil

How it is used

Abbreviated as bbl. Production is given in barrels per day (bpd or bopd), and prices in dollars per barrel. Large volumes are written as Mbbl or MMbbl (thousand or million barrels). Gas is sometimes converted to barrels of oil equivalent (boe).

Example sentences

  1. The field is producing 12,000 barrels per day.

  2. Brent was trading at around 80 dollars a barrel this morning.

Common collocations

  • barrels per day
  • price per barrel
  • barrel of oil equivalent
  • million barrels
  • crude oilOil in its natural state as it comes out of the ground, before it is refined into fuels such as gasoline, diesel and jet fuel.
  • Brent crudeA blend of crude oils from the North Sea whose price is the main international benchmark for pricing oil around the world.
  • flow rateThe amount of oil, gas or water that flows from a well or through a pipe in a given time, such as barrels per day or cubic metres per hour.
  • reservesThe amount of oil, gas or ore that is known to exist and can be produced at a profit with current technology and prices, estimated under set rules.

More terms: Industry, Reserves & Contracts

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