Crude oil price
Crude oil is a yellow-black hydrocarbon organic compound.
It comes from the transformation of organic material in the presence of pressure and heat. The oil usually presents within the earth, but it may be found on the surface of the earth. The specialists obtain many oil derivatives through the refinery process. In this process, crude oil passes through pipes, the heat vaporizes the oil. The oil is distilled to many products according to its boiling points.
Saudi Arabia comes in the first place in the world’s oil reserve. It has 265.4 billion barrels of oil. The USA is the largest oil consumer in the world. It consumes about a quarter of the world’s production “80 million barrels per day”, although it produces only 25% of its daily needs.
Classification of crude oil:
The crude oil is classified according to
(light, medium, heavy)
is a benchmark for pricing two-thirds of world oil production.It is a sweet light oil because of its weight and low sulfur content.
West Texas intermediate :
Is sweet light oil, weighing 396 and contains only 0.24% sulfur, which makes it superior to Brent crude.
The uses of the crude oil
Oil has many uses in :
- More than 300,000 industrial products.
- Agricultural, military and health industries.
- Textile factories, paper presses, households, and road paving.
- Manufacture of dishes, water cannons, cosmetics, tables and blankets for houses.
- Petrochemical industries such as methanol, propylene, ethylene, benzene, PVC, polypol, alkyd resins, and polyester.
- Electricity generation due to low prices
- Lighting in factories, houses, vehicles, and large-scale construction
- Transportation in trains, vehicles, and aircraft.
- Manufacture of deadly poison gas, which is a destructive weapon of war.
Crude oil price
Crude Oil price jumped after the World Health Organization (WHO) declaration about the Coronavirus outbreak in China.
Brent price is $58.24 per barrel, while WTI price reaches USD 52.77 PB.