Composition and Properties Contrary to its appearance as a black, viscous liquid, crude oil is a complex mixture of hydrocarbons—molecules composed primarily of hydrogen and carbon atoms. Extraction and Production Extracting crude oil is a complex engineering feat that involves drilling deep into underground reservoirs.
Global Price Factors Impacting Crude Oil Markets
Refineries are massive industrial complexes that separate the crude mixture into its various components through a process called fractional distillation. Due to the pressure within these reservoirs, oil can sometimes flow to the surface naturally.
Refining and Transformation Before crude oil can be used, it must be refined into more useful products. The quality and characteristics of crude oil are classified by its density (measured in API gravity) and its sulfur content.
Global Market Dynamics and Price Influencers for Crude Oil
Light, sweet crude, which is low in sulfur and produces high yields of gasoline, is generally more desirable and commands higher prices than heavy, sour crude. The primary products include gasoline for vehicles, diesel and jet fuel for transportation, heating oil, and residual fuel oil, along with feedstocks for manufacturing plastics and chemicals.
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