While there has been an increase in fuel prices worldwide recently, its reflections in our country have been very serious. In the last few months almost increase in gasoline and diesel prices every day is coming. With the talk of oil embargo on Russia On March 7, 2022 we are inOil prices have reached their peak in recent years. alright Brent oil what? Why is the price so high?
Although many people think that there is only one type of oil in the world, today there are over 150 types of oil. Oman, WTI and Brent Oil Since they are the most used varieties in financial markets and refineries, other types are not talked about much, except for the experts.
What is oil? How much gasoline comes out of 1 barrel?
“stone” in Latinpetra” with “which means oil”oleummade up of the words ” Oil: It is defined as the natural combustible mineral oil extracted from the underground, which is more dense than water and consists of hydrocarbons.
Since oil is extracted from different parts of the world, hydrocarbon and mixture ratios are also different between these regions. Accordingly, there are differences in the color of the oil extracted at different points.
Although petroleum types come to mind directly when petron is mentioned among the people, these are the processed forms of petroleum. Petrol does not always have a fixed chemical component, to explain with an example;
Oils extracted in the America / Pennsylvania region are generally compounds of the hydrocarbon classRussian oil malodorous naphthene compounds and Romanian oils contain a mixture of both.
The use of crude oil is quite limited, but after processing in so-called refineries can be used for many different purposes. Today, thanks to the processing of petroleum, nearly 100 thousand products are obtained, and the most widely used area is the transportation and energy sector, as we all know.
In addition to fuels such as gasoline and diesel, one of the areas where oil is actively used: asphalt.
Brent Oil: Brent, also known as London Brent or Brent Blend, is leading the world oil market. Being in the “Sweet Petroleum” class with a sulfur content of 0.37 percent and being easier to process, it makes it stand out against crude oil.
a barrel of oil corresponds to 159 liters. As we mentioned above, we use oil as it is processed, not as it comes out of the ground. In this context, the technology used in refineries and the quality of oil are of critical importance. If we look at the average values for 1 barrel;
- USA: 63 liters of gasoline, 22 liters of fuel oil are obtained.
- Middle East: 31 liters of gasoline, 63 liters of fuel oil are obtained.
Russia ban came to the agenda: Brent oil saw 139 dollars!
Due to Russia’s invasion attempt against Ukraine and the embargo imposed on Russia by all western countries from the USA to England, from Germany to France, oil prices have started to increase in the last period. Brent Petrol, which was at $40 levels in April 2020, is now on March 7, 2022. $139 he saw.
Brent’s reason for seeing $139: Russia will ban the import of oil It was revealed that there was an effective negotiation with the European Union on a step. If this ban comes, Russia will not be able to sell oil and the price of oil in other regions will increase directly.
Due to the invasion attempt by Russia being removed from the SWIFT system PayPal suspends its services and world giant brands leaving the countryhow severe the sanctions are.
What is the price of crude oil? It was under $0!
As with everything else, the reason for the increase in oil is, supply / demand balance and critical developments such as the worldwide economic crisis / war. The barrel price of the US West Texas type crude oil in April 2020, when the coronavirus epidemic broke out and everyone did not leave their homes negative by going below 0 dollars fell.
While the same oil was circulating around 125 dollars as of March 7, 2022, when we prepared this content, we see that it has experienced a serious rise by reaching these points from 65 dollars as of December 2011.
Will fuel prices increase?
Unfortunately, the recent developments and the oil embargo for Russia on the way have pushed the prices to higher levels. Some analysts say that oil prices could exceed $145 if the Russia-Ukraine war continues.
This means a direct increase in fuel prices across the world and in our country. Finished petroleum products The price increase is directly due to the fact that it is refined from crude oil. reflects.
Which country has the most oil?
Many people who hear the concept of oil in our country first think of countries such as Saudi Arabia and Iraq. Although these regions are quite common among the people due to their proximity to us and cheap fuel prices, About 18 percent of the world’s oil reserves go to Venezuela. belongs.
The country, which has an oil asset of approximately 300 billion barrels, is followed by Saudi Arabia with an oil asset of 265 billion barrels. Canada comes next, with huge oil deposits of 170 billion barrels in Alberta.
Iranian oil corresponds to 9.5 percent of the world’s reserves and Iraqi oil corresponds to 8.7 percent of the world’s reserves.
According to 2016 data Turkey ranks 53rd with its oil reserves and has only 0.019 percent of the resources worldwide.