The international unit of measurement for crude oil is the barrel . The term barrel for a tub or small barrel comes from the Gallo-Roman term „barriculus”. A barrel is used both for crude oil and for calculating oil derivatives such as gasoline.
Oil barrel . How many liters is that ?gallonOil barrel . How many liters is that ?
1 barrel is a unit of volume (about 159 liters ), mainly of liquids, but also of loose bodies, except in Anglo-Saxon countries, this measure is mainly used for trading crude oil on the stock exchange.
- 1 barrel of oil (abbreviation: 1 bbl) = 42 American = 158.987295 l (~ 159 l s ) – standard unit volume used in the oil industry.
- 1 British barrel (abbreviation: 1bl.p.) = 36 British gallons = 163.6416 liters (~ 164 liters ) – used in the UK when trading beer.
1 barrel of crude oil. How many cubic meters (m³ ) is this?
1 Barrel (oil) = 0 , 159 Cubic Meter [m³]
What is a barrel of oil?
The term barrel is often referred to as ” bl ” or ” bbl „. The equivalent of a barrel of crude oil is mainly expressed in US gallons and corresponds to exactly 42 gallons , or about 159 liters .
Originally, the barrel was used as a herring barrel. Then it was turned into an „oil store” in which it was stored.
The first word used to describe this barrel was „blue barel” because of the blue color of the first American barrel, hence the symbol „bbl”. Although the concept of a barrel is a typical American concept (other countries reported the quantity of oil in tonnes), it has become the reference value for determining the price of oil . It is worth knowing that a ton of crude oil is approximately 7.6 barrels .
Barrel used as a unit of measure
Currently, crude oil is packaged and transported in barrels very rarely. Oil companies choose tankers and tankers that are much more efficient and have a much larger capacity. However, the barrel is still used as the unit of measure.
There are several sources of oil production, and therefore several types of oil. It should be noted that the heavier the oil, the less desirable it is. So the quality of the oil varies between producers and the price of a barrel also varies depending on the grade of quality. This undoubtedly explains why some barrels are used as references in the international oil market .
Brent oil barrel
This is especially true of the Brent barrel , which is one of the reference crude oil in the world. It comes from 19 extraction points located in the North Sea, whose special feature is the production of lighter oil, and therefore easier to refine. The price of a barrel of Brent crude oil is then traded on the London Stock Exchange and regulates most of the world’s crude oil price lists. Undoubtedly because of this quality, Brent crude oil has become a publicly traded financial indicator.
If you decide to start trading or buying crude oil , a day will come when you need to take an interest in Brent crude oil. Most trading platforms offer real-time display of the Brent barrel as a reference rate against the oil price.
However, you need to be vigilant as Brent oil is not the only reference barrel and depending on the origin of the broker you choose, it may use different barrels. However, it should be noted that all European brokers use a barrel of Brent crude oil.
Speculating on the price of a barrel of oil on stock markets
Fluctuations in the price of a barrel of oil on stock exchanges can bring profits thanks to contracts offered by online brokers. Easy to use, these contracts allow you to make quick profits by betting on the rise or fall of a barrel of crude oil.
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