About Crude Oil Crude oil is often referred to as Light Sweet Crude and WTI Oil or CL on futures exchanges. In its raw form when freshly crude oil chart the color of Crude Oil can vary from black to dark brown, even with a slight red or green hint. The primary use of Crude Oil is for production of fuel oils and gasoline and since the 1900’s has become the world’s main source of energy.
Trading firms, companies in the energy sector and retail traders all follow Crude oil prices closely, which can be traded on futures exchanges such as NYMEX and ICE. A single lot size is quoted in dollars and cents per barrel. Please forward this error screen to sharedip-148661367. 403 Forbidden Request forbidden by administrative rules. A petrochemical refinery in Grangemouth, Scotland.
Oil refineries are typically large, sprawling industrial complexes with extensive piping running throughout, carrying streams of fluids between large chemical processing units, such as distillation columns. The crude oil feedstock has typically been processed by an oil production plant. There is usually an oil depot at or near an oil refinery for the storage of incoming crude oil feedstock as well as bulk liquid products. Petroleum refineries are very large industrial complexes that involve many different processing units and auxiliary facilities such as utility units and storage tanks.
Each refinery has its own unique arrangement and combination of refining processes largely determined by the refinery location, desired products and economic considerations. An oil refinery is considered an essential part of the downstream side of the petroleum industry. According to the Oil and Gas Journal in the world a total of 636 refineries were operated on the 31 December 2014 for a total capacity of 87. Jamnagar Refinery is the largest oil refinery, since 25 December 2008, with a processing capacity of 1. Located in Gujarat, India, it is owned by Reliance Industries. The Chinese were among the first civilizations to refine oil.
Prior to the nineteenth century, petroleum was known and utilized in various fashions in Babylon, Egypt, China, Philippines, Rome and Azerbaijan. In North America, the first oil well was drilled in 1858 by James Miller Williams in Ontario, Canada. In the United States, the petroleum industry began in 1859 when Edwin Drake found oil near Titusville, Pennsylvania. Samuel Kier established America’s first oil refinery in Pittsburgh on Seventh avenue near Grant Street, in 1853. At one point, the refinery in Ras Tanura, Saudi Arabia owned by Saudi Aramco was claimed to be the largest oil refinery in the world. For most of the 20th century, the largest refinery was the Abadan Refinery in Iran. In the United States, for various complex economic and political reasons, the construction of new refineries came to a virtual stop in about the 1980s.
Oil refining market will witness an appreciable growth because of rapid industrialization and economic transformation. Changing demographics, growing population and improvement in living standards across developing nations are some of factors positively influencing the industry landscape. In the 19th century, refineries in the U. There was no market for the more volatile fraction, including gasoline, which was considered waste and was often dumped directly into the nearest river. The invention of the automobile shifted the demand to gasoline and diesel, which remain the primary refined products today.
Today, national and state legislation require refineries to meet stringent air and water cleanliness standards. In fact, oil companies in the U. 1976 until 2014, when the small Dakota Prairie Refinery in North Dakota began operation. In 2009 through 2010, as revenue streams in the oil business dried up and profitability of oil refineries fell due to lower demand for product and high reserves of supply preceding the economic recession, oil companies began to close or sell the less profitable refineries. The lighter elements, however, form explosive vapors in the fuel tanks and are therefore hazardous, especially in warships. Its two cooling towers are landmarks of the city’s skyline.