Crude Oil Units (average gravity)
- 1 US barrel = 42 US gallons.
- 1 US barrel = 158.98 litres.
- 1 tonne = 7.33 barrels .
- 1 short ton = 6.65 barrels .
Note: barrels per tonne vary from origin to origin.
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OPEC fact sheet
OPEC stands for 'Organization of Petroleum Exporting Countries'. It is an organization of eleven developing countries that are heavily dependent on oil revenues as their main source of income. The current Members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
- OPEC controls almost 40 percent of the world's crude oil.
- It accounts for about 75 per cent of the world's proven oil reserves.
- Its exports represent 55 per cent of the oil traded internationally.