The economy of many countries of the world runs on crude oil, know what crude oil is – India TV Hindi

Crude Oil - India TV Paisa

Image: File Crude oil

the whole world Crude oil is a commodity that drives the economy of many countries. Its cheapness or costliness has a direct impact on the life of a common man. Due to which the country’s economy is also affected. It not only helps in GDP growth but is also a source of income for some countries. China, USA, Japan and India have the largest share of the countries using it.

What is crude oil?

Crude oil plays an important role in driving the global economy. Naturally occurring unrefined oil is called crude oil. Actually, crude oil is a thick black liquid. It is a type of deep hydrocarbon substance found in the world’s oceans and underground. It takes at least 20 gallons of gasoline to produce one barrel of oil. Crude oil is measured in barrels and a barrel is 159 liters.

Kerosene, petrol, diesel, natural gas, petroleum jelly and lubricants etc. are obtained by fractional distillation of crude oil. All this is obtained only after refining the crude oil in the oil refinery. Which is a common practice.

How many types of crude oil are there?

There are two types of crude oil. One of them is Brent crude which is traded in London. The other is WTI, which is traded in the US. The crude oil that India imports is Brent crude. How did Brent get his name? Brent crude oil is better known globally. It is named after an American bird, Brent grouse.

Brent crude is extracted from the North Sea region. It is a light sweet crude oil. According to the American Petroleum Institute (API), it has a density of 38-39. It has very high sulfur content which is higher than WTI crude oil. Brent crude was first produced from the Brent oil field. About two-thirds of the world’s crude oil trade uses the Brent benchmark to determine prices.

WTI Crude Oil West Texas Intermediate (WTI) is the most widely used crude oil in the United States. WTI is also a kind of benchmark like Brent crude. Major Crude Oil Producing Countries: OPEC countries account for the largest share of global crude oil production at 40%.

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