Definition - What does Barrel (bbl) mean?
A Barrel is a form of measuring oil in terms of unit volume. Also known as an oil barrel, it is usually defined in gallons or liters. In Canada and the US an oil barrel (bbl) is measured at 42 US gallons which are equivalent to 159 liters. A Barrel is also used in other context such as maturing beer in the UK. It is interchangeably referred to as a drum.
Petropedia explains Barrel (bbl)
A Barrel is a measuring unit of the volume of oil in liters. Each barrel of oil in US or Canada contains 159 liters, which are equivalent to 42 US gallons. Oil manufacturing companies enlisted in the American stock exchange use this term to represent their total oil production range, which is usually in terms of volume and identified as either Mbbl or MMbbl. Mbbl stands for one thousand barrels while MMbbl stands for one million barrels. The companies identify their production range with barrels of oil per day on a regular basis.