GMS 695 Chapter Notes - Chapter 11: West Texas Intermediate, Light Crude Oil, Sweet Crude Oil
21 Jan 2018
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Background: liquid petroleum (crude oil) is generally found in reservoirs situated between. Middle east: all oil is not worth the same value, oil is sold in barrels = 42 u. s gallons. No longer shipped, rather in oil tankers or pipelines: sold in as compared with benchmark crudes - saudi light, west texas. Intermediate (wit), brent north sea: light crude oil is worth more than medium or heavy (requires less re ning, crude oil is used for a wide range of purposes, 16% on things like synthetic bres, dyes, and detergents. The seven sisters: seven sisters oil companies is a phrase for a cartel of 7 us and british-base oil companies that dominated the worldwide petroleum industry in the years from the imd. 1940s through the early 1970s: they controlled approx. Saudi arabia, and venezuela) to ght back against the 7 sisters. What is opec: organization of the petroleum exporting countries. Permanent intergovernmental organization of 14 oil-exporting developing nations.
