Production, crude oil

What is Production, crude oil?

Production, crude oil meaning The volumes of crude oil that are extracted from oil reservoirs. These volumes are determined through measurement of the volumes delivered from lease storage tanks or at the point of custody transfer, with adjustment for (1) net differences between opening and closing lease inventories and (2) basic sediment and water. Crude oil used on the lease is considered production.

 

reference: Glossary – U.S. Energy Information Administration (EIA)

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