Unit of Volume
Definition - What does Unit of Volume mean?
Unit of Volume is the measurement unit of crude oil and refined petroleum products. It is usually expressed as barrels of oil produced in a year, a month, per day or per hour. A Barrel in terms of unit of volume is expressed as a unit for measuring oil and based on which the trading takes place between two entities. In Canada and the United States an oil barrel (bbl) is measured at 42 US gallons.
Petropedia explains Unit of Volume
A Barrel is a measuring unit of the volume of oil in liters. Each barrel of oil in the United States or Canada contains 159 liters, which are equivalent to 42 US gallons. Oil manufacturing organizations 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 organizations identify their production range with barrels of oil per day on a regular basis.