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Petroleum products: products obtained from the processing of crude oil, and unfinished oils, NGLs, and other hydrocarbon compounds.<br />
These include aviation gasoline, motor gasoline, naphtha, kerosene, jet fuel, distillate fuel oil, residual fuel oil, liquefied petroleum<br />
gas, lubricants, paraffin wax, petroleum coke, asphalt and other products.<br />
Gasoline: a mixture of relatively volatile hydrocarbons, with or without small quantities of additives, that have been blended to form<br />
a fuel suitable for use in internal combustion engines; includes gasoline used in aviation.<br />
Kerosene: medium hydrocarbon distillates in the 150 ° to 280 ° C distillation range, and used as a heating fuel as well as for certain<br />
types of internal combustion engine; includes jet fuel, which is a fuel of naphtha, or of kerosene type, suitable for commercial or military<br />
purposes in aircraft turbine engines.<br />
Distillates: middle distillate type of hydrocarbons. Included are products similar to number one and number two heating oils and<br />
diesel fuels. These products are used for space heating, diesel engine fuel and electrical power generation.<br />
Residual fuel oil: these are fuels obtained as liquid still bottoms from the distillation of crude used alone or in blends with heavy<br />
liquids from other refinery process operations. It is used for the generation of electric power, space heating, vessel bunkering and<br />
various industrial purposes.<br />
Output of refined products: the total amount of petroleum products produced from refinery input in a given period, excluding refinery<br />
fuels.<br />
Consumption of refined products: inland delivery, including refinery fuels and losses, as well as products from gas plants; excluding<br />
bunkers.<br />
Exports of refined products: includes products from gas plants and excludes bunkers.<br />
OPEC Basket: the OPEC Reference Basket price — which was introduced on January 1, 1987 — is the arithmetic average of seven selected<br />
crudes. These are: Saharan Blend (Algeria); Minas (Indonesia); Bonny Light (Nigeria); Arab Light (Saudi Arabia); Dubai (United Arab<br />
Emirates), Tia Juana Light (Venezuela), and Isthmus (Mexico). Mexico is not a Member of OPEC.<br />
Posted price: announced price reflecting the market development of crude oil and products.<br />
Composite barrel: the composite barrel is a consumption weighted average of final consumer prices (including taxes) of the main groups<br />
of refined petroleum products.<br />
Geneva I Agreement: Agreement of January 20, 1972, between certain OPEC Member Countries and international oil companies introducing<br />
adjustments to posted prices to take account of the world currency situation. For its calculations, the Geneva I Agreement used<br />
the national currencies of Belgium, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland and the United Kingdom.<br />
Country groupings<br />
(OPEC Member Countries are shown in bold)<br />
North America: Canada, Greenland, St Pierre and Miquelon, United States.<br />
Latin America: Antigua, Argentina, Bahamas, Barbados, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia,<br />
Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands (Malvinas), French Guiana, Grenada,<br />
Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Jamaica, Martinique, Mexico, Montserrat, Netherlands Antilles, Nicaragua, Panama<br />
(including Panama Canal Zone), Paraguay, Peru, Puerto Rico, St Kitts-Nevis-Anguilla, St Lucia, St Vincent, Suriname, Trinidad & Tobago,<br />
Turks and Caicos Islands, United States Virgin Islands, Uruguay, Venezuela.<br />
Eastern Europe: Albania, Bulgaria, former Czechoslovakia (Czech Republic, Slovakia), Hungary, Poland, Romania, former Union of Soviet<br />
Socialist Republics (Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia,<br />
Tajikistan, Turkmenistan, Ukraine, Uzbekistan).<br />
Western Europe: Austria, Belgium (including Luxembourg), Cyprus, Denmark (including Faroe Islands), Finland, France (including Andorra<br />
and Monaco), Germany, Gibraltar, Greece, Iceland, Ireland, Italy (including San Marino and Vatican City State [Holy See]), Malta,<br />
Netherlands, Norway (including Svalbard and Jan Mayen Islands), Portugal, Spain (including Canary Islands), Sweden, Switzerland<br />
(including Liechtenstein), Turkey, United Kingdom, former Yugoslavia (Bosnia and Herzegovina, Croatia, Macedonia [The Former<br />
Yugoslav Republic of ], Serbia and Montenegro, and Slovenia).<br />
Middle East: Bahrain, Islamic Republic of Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic,<br />
United Arab Emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, Umm al-Qaiwain), Yemen.<br />
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