Key Learning Points: Lesson 5
- There are various methods used to transport crude oil from the wellhead to the refinery.
- Brent is the “global standard” crude oil stream while WTI is the North American standard and is also the standard for futures trading in crude oil.
- PADDs are regional districts for supply and distribution of crude oil.
- The US still relies heavily on imported crude but domestic supplies are increasing.
- The refining process consists of distillation and conversion and produces several products used in transportation and as petrochemical feedstocks.
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