The most commonly used unit of measurement for oil is the unit of capacity. Because the density of oil produced in different places is different, the weight of a barrel of oil is different.

The average proportion of crude oil in the world is usually 1 ton =7.35 barrels (42 US gallons per barrel) or 1 174 liters. 1 ton is about 7 barrels, and if it is lighter, it is about 7.2 barrels or 7.3 barrels. 1 barrel =42 gallons, 1 gallon =3.78543 liters, and 1 barrel = 158.99 liters is calculated.

Reasons why crude oil exports should be measured in barrels

This is because different countries have different units of measurement, just like China uses meters to measure length, but many European and American countries use feet and inches to measure distance. For example, our weight is kilograms or kilograms, but some European and American countries use pounds.

The same is true of oil exports. First of all, we should make clear the concept of "barrel". At present, each barrel is the most important pricing unit of crude oil futures, and the trading volume of several major crude oil futures accounts for almost all the market share. However, some crude oil futures are not priced in barrels. For example, the crude oil futures of Tokyo Stock Exchange in Japan are priced in kilograms.