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Petroleum products are materials derived from crude oil ( petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [ 1] Most petroleum is converted into petroleum products, which include several classes of fuels.
Petrochemicals (sometimes abbreviated as petchems[ 1]) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as maize, palm fruit or sugar cane . The two most common petrochemical classes are ...
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The three most quoted oil products are North America 's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude, and their pricing is used as a barometer for the entire petroleum industry, although, in total, there are 46 key oil exporting countries. Brent Crude is typically priced at about $2 over the WTI Spot price ...
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Most of the petroleum products produced by the National Oil Corporation are sold on a term basis, including to the country's overseas oil retail and marketing network Oilinvest, also known as Tamoil. Through Tamoil, Libya is a direct producer and distributor of refined products in Italy, Germany, Switzerland, and Egypt.