History unit 5 OIL Flashcards
Petroleum
a naturally occurring liquid found beneath the earth’s surface that can be refined into fuel
Crude oil
This is when the liquid state form is straightly extrated from the ground and is dark or sticky.
Black Gold
This is a nickname for Petrolum because usually the liquid is black and its as valubale as gold
Liquid Sunshine
Thhis is another nickname for petrolum because its made from decomposed plants that stored the suns energy million of years ago.
OPEC
Its a group of 13 important oil producing countries whose mission is to coordinate and utify the petrolum policies of its member countries and ensure the stablazation of oil markets.
Offshore deposites
a relationship that a company or individual has with a financial institution outside the country of their residence.
Oil production
The amount of oil extracted from the ground after the removal of inter matter or impurties.
Oil reserves
The amount of crude oil a country or reigon has that can be extracted.
Petrolum trade
the buying and selling of diffrent types of oil and oil linked assits with the aim of making profit.
Oil prices
The price of oil set in the global oil market.
OPEC+
This is a larger group that includes other oil-producing countries besides OPEC memmbers.
Proven oil reserves
The amount of oil or nautral resources contained under a piece of land with a 90 precent chance or greater probabilty of profitable extraction.
Petrolum Market
The distrubition, transfer, or sale of petrolum or products made of petrolum for sale.
Oil production
The amount of oil extracted from the ground after the removal of inert matter or impurities.
State-owned enterprises
A legal entity that is created by a goverment in order to partake in commercial activites on the goverments behalf.
