|  Definitions, Sources and Explanatory Notes |
|--------------------------------------------------|
|  Category:   | Petroleum Prices                           |
|-----------------------------|--------------------------------------------|
|                             |
|  Topic:      | F.O.B. Costs of Imported Crude Oil by Area |
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|   Definitions |  |
|                         |
| Key Terms                                                | Definition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Crude Oil                                                | A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include: Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included;  
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals;
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content. |
| F.O.B. Price (Free on Board)                             | The price actually charged at the producing country's port of loading. The reported priceincludes deductions for any rebates and discounts or additions of premiums where applicableand should be the actual price paid with no adjustment for credit terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Imported                                                 | Crude oil produced outside the U.S. and brought into the U.S.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| OPEC (Organization of the Petroleum Exporting Countries) | The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018). Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171st Meeting of the OPEC Conference on 30 November 2016. Gabon terminated its membership in January 1995. However, it rejoined the Organization in July 2016. Qatar terminated its membership on 1 January 2019.                                                                                                                                                                                      |
| Persian Gulf                                             | Includes Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| For definitions of related energy terms, refer to the   EIA Energy Glossary. |
|  	Sources |
|-----------------|
|  |
|--|
|  | 1973-1978: Federal Energy Administration, Form FEA-F701-M-0, "Transfer Pricing Report."
1979-September 1982: Energy Information Administration, Form ERA-51, "Transfer Pricing Report."
October 1982-June 1984: EIA, Form EP-51, "Monthly Foreign Crude Oil Transaction Report."
July 1984-present: EIA, Form EIA-856, "Monthly Foreign Crude Oil Acquisition Report." ( 
Form/Instructions
,
Background,Survey Methodology and Statistical Details
) |
|                           |
|---------------------------|
|  	Explanatory Notes |
|                           |
|  | Values shown for the current two months are preliminary.  Values   shown for the previous two months may be revised to account for late submissions   and corrections. Final revisions to monthly and annual values are available upon   publication of the June Petroleum Marketing Monthly. Annual averages that precede   the release of the June Petroleum Marketing Monthly are calculated from monthly data.    Data through 2021 are final.  
Values through 1980 reflect the month of reporting; values since then reflect  the month of acquisition, which can be the month of loading, the month of landing, or  something between those events.  Prices for crude oil can be determined at a time other than  the acquisition date     (additional details).  
  For purposes of this survey, the United States includes the 50 States, the District of Columbia,  Puerto Rico, the Virgin Islands, and all American territories and possessions.  
  Data for Ecuador is included in Total OPEC for 1973-1992 and 2008-April 2020 (OPEC member 1973-1992 and November 2007-2019). Final 2020 monthly and annual Total OPEC data that account for this organizational change will be published in June 2021.  Data for Gabon is   included in Total OPEC for 1974-1995 (OPEC member 1975-1994). |
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