Page 6 - Oil

Types of Crude Oil Extracting Crude Oil Oil with a sulfur content of less than 0.5% is called sweet crude, while sour crude has a sulfur Drilling is the most common method of extracting crude oil. Geologists use content of greater than 0.5%. Sweet crude is lighter and more expensive than the heavier gravity meters, satellite imagery and magnetometers to identify the part of land sourer crude because it requires less processing and produces a slate of products with a greater with a steady stream of oil beneath it. Once identified, a perforating gun is lowered percentage of value-added products, such as gasoline, diesel and aviation fuel. into the well with explosive charges within it. Once perforated, a tube is run into the hole allowing the oil and gas to flow up the well. The tubing is then There are different types of crude oil - West Texas Intermediate crude oil, Brent Blend, Russian sealed and a control structure is placed to control the flow of oil from the well. Export Blend, Shale Oil and Oil Shale. Strip mining is another method for extracting oil in case of oils that are West Texas Intermediate Crude Oil is of very high quality because it is light-weight and has present in tar sands or oil sands. Oils sands are sand or clay with a very low Sulphur content. It is the major benchmark of crude oil in the Americas. viscous form of crude oil known as bitumen mixed with water. Due to high viscosity, strip mining and variety of other techniques are used Brent Blend is a combination of crude oil from 15 different oil fields in the North Sea. It is less light and sweet than WTI and is the primary benchmark for crude oils in Europe or Africa. to reduce the viscosity of the oil and extract oil. This process can be far more expensive than traditional drilling. Russian Export Blend is the Russian benchmark crude. It is medium, sour crude oil and a mixture of several crude grades used domestically or sent for export. The modern oil era began in northwest Pennsylvania in the mid-19th century. In 1859, Edwin L Drake and George Bissell Shale Oil is crude oil that lies between layers of shale rock. The rock must be broken up to allow made the first successful use of a drilling rig at a site in oil creek near access to the layers of oil. Titusville, Pennsylvania. Oil Shale is oil that's derived from kerogen. That's an early form of oil that requires more pressure and heat to become usable fuel. West Texas Intermediate Oil Shale Russian Brent Blend Export Blend Shale Oil 03 OIL IN THE FINANCIAL MARKETS 04