How much is a barrel of oil and how to convert it?
Barrels and tons are two common units of crude oil quantity. The unit of crude oil quantity in Western countries such as OPEC and the United Kingdom and the United States is usually expressed in barrels, while countries such as China and Russia often use tons as the unit of crude oil quantity. The conversion relationship between tons and barrels is: 1 ton is equal to approximately 7 barrels. If the oil quality is light (thin), then 1 ton is approximately equal to 7.2 barrels or 7.3 barrels. Gas stations in the United States, Europe and other countries usually measure prices in gallons, while gas stations in my country use liters.
1 barrel = 158.98 liters = 42 gallons. One US gallon = 3.785 liters, and one British gallon = 4.546 liters. If you want to convert volume into weight, it is related to the density of crude oil.
Assuming that the density of crude oil in a certain property is 0.99 kg/L, then the weight of a barrel of crude oil is 158.98x0.99=157.3902 kg.
Judging from the actual situation in 2005, there was no imbalance between supply and demand in the international crude oil market. After March 2005, the crude oil market demand basically declined month by month. However, speculative funds took advantage of the decline in OPEC's remaining production capacity to trigger market concerns about crude oil supply and went long on international crude oil futures, causing oil prices to remain high. On December 28, 2005, Xinhua News Agency reported that the Iranian Oil Minister suggested that the Organization of the Petroleum Exporting Countries (OPEC) consider cutting production. These remarks caused a sharp rise in crude oil futures prices in the international market on the 28th. The price of low-sulfur light crude oil futures for delivery in February this year on the New York Mercantile Exchange increased by US$1.66 per barrel, with the closing price rising to US$59.82; the February futures price of North Sea Brent crude oil on the London International Petroleum Exchange per barrel It rose $1.35 to close at $57.64.