What is BBL in oil mean?

barrel of crude oil
The abbreviation BBL refers to a barrel of crude oil. In the oil industry, an oil barrel is 42 US gallons. Some sources say this abbreviation originated with Standard Oil Co. — the first oil giant in the U.S. founded in 1870 by John D. Rockefeller.

How much is a BBL of oil?

Recent Contracts

Last High
Crude Oil WTI (NYM $/bbl) Front Month $120.26 $120.46
Crude Oil Aug 2022 $117.63 $117.77
Crude Oil Sep 2022 $114.78 $114.90
Crude Oil Oct 2022 $112.04 $112.06

What is the capacity of 1 barrel of oil?

A standard 42-gallon crude oil barrel contains approximately 45 gallons of salable refined crude oil products per barrel. Prices of crude oil are measured in barrels, while production totals across all producing countries are measured in million barrels per day (mmbd).

What is BBL to gallon?

US Barrels (Oil) to US Gallons (Liquid) table

US Barrels (Oil) US Gallons (Liquid)
1 US bbl oil 42.00 US gal lqd
2 US bbl oil 84.00 US gal lqd
3 US bbl oil 126.00 US gal lqd
4 US bbl oil 168.00 US gal lqd

Why is oil barrel abbreviated bbl?

The extra 2-gallon was to allow for evaporation and leaking during transportation. These 42-gallon crude barrels were painted in blue and called blue barrels, and abbreviated as “bbl”, guaranteeing a buyer that it was 42-gallon barrel of crude. By 1872, the standard oil barrel was firmly established as 42 US gallons.

How much is a barrel of oil in Texas?

This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed….

Characteristic Price in U.S. dollars per barrel
2020 39.16
2019 56.99
2018 64.94
2017 50.88

Why is a barrel 55 gallons?

Metal drums were cheaper, stronger, bigger and had a longer life span than wooden barrels and soon the 42-gallon barrel was replaced by the 55-gallon drum. Not long after that, pipelines and tanker railcars became preferred transport methods for oil and oil products.

How many gallons is 1 bbl of beer?

31 gallons
BBL is the abbreviation for beer barrels, which is the official unit of measurement of beer volume for breweries in the US. It can be written as one beer barrel or one BBL. One BBL of beer is equal to 31 gallons.

Why is a barrel of oil 42 gallons?

Soon after America’s first commercial oil well of 1859, a small group met in northwestern Pennsylvania and decided a 42-gallon barrel was best for transporting their oil. When filled with oil instead of fish or other commodities, a 42-gallon “tierce” weighed 300 pounds.