Contract volumes are quoted in barrels or in tonnes. These are the customary factors — apart from the definition of a barrel, all vary with density.
| Item | Conversion | Note |
|---|---|---|
| 1 barrel (bbl) | 42 US gal ≈ 158.99 L | A defined figure, not an approximation |
| Crude — 1 tonne (MT) | ≈ 7.3 bbl | World average; ranges roughly 6.7–8.0 bbl depending on the grade’s API gravity |
| Gasoline — 1 tonne | ≈ 8.5 bbl | Customary factor; varies with density |
| Jet / kerosene — 1 tonne | ≈ 7.9 bbl | Customary factor; varies with density |
| Gasoil / diesel — 1 tonne | ≈ 7.45 bbl | Customary factor; varies with density |
| Fuel oil — 1 tonne | ≈ 6.7 bbl | Customary factor; varies with density |
Apart from the definition of a barrel, all factors vary with density — settlement uses the density on the actual inspection certificate.
This reference explains published industry norms and standards. It does not replace the terms of an individual contract, nor legal or tax advice — and it carries no prices; the price board does that.