Glossary of Terms

Abbreviations

  • b - barrels
  • b/d - barrels per day
  • bp - basis points
  • bb - billion barrels
  • bcf - billion cubic feet
  • cu m - cubic metres
  • mb - million barrels
  • mb/d - millio n barrels per day
  • mmbtu - million British thermal units
  • mn - million
  • m-o-m - month-on-month
  • mt - metric tonnes
  • q-o-q - quarter-on-quarter
  • pp - percentage points
  • tb/d - thousand barrels per day
  • tcf - trillion cubic feet
  • y-o-y - year-on-year
  • y-t-d - year-to-date

Acronyms

  • ARA - Amsterdam-Rotterdam-Antwerp
  • BoE - Bank of England
  • BoJ - Bank of Japan
  • BOP - Balance of payments
  • BRIC - Brazil, Russia, India and China
  • CAPEX - capital expenditures
  • CCI - Consumer Confidence Index
  • CFTC - Commodity Futures Trading Commission
  • CIF - cost, insurance and freight
  • CPI - consumer price index
  • DCs - developing countries
  • DUC - drilled, but uncompleted (oil well)
  • ECB - European Central Bank
  • EIA - US Energy Information Administration
  • Emirates NBD - Emirates National Bank of Dubai
  • EMs - emerging markets
  • EV - electric vehicle
  • FAI - fixed asset investment
  • FCC - fluid catalytic cracking
  • FDI - foreign direct investment
  • Fed - US Federal Reserve
  • FID - final investment decision
  • FOB - free on board
  • FPSO - floating production storage and offloading
  • FSU - Former Soviet Union
  • FX - Foreign Exchange
  • FY - fiscal year
  • GDP - gross domestic product
  • GFCF - gross fixed capital formation
  • GoM - Gulf of Mexico
  • GTLs - gas-to-liquids
  • HH - Henry Hub
  • HSFO - high-sulphur fuel oil
  • ICE - Intercontinental Exchange
  • IEA - International Energy Agency
  • IMF - International Monetary Fund
  • IOCs - international oil companies
  • IP - industrial production
  • ISM - Institute of Supply Management
  • LIBOR - London inter-bank offered rate
  • LLS - Light Louisiana Sweet
  • LNG - liquefied natural gas
  • LPG - liquefied petroleum gas
  • LR - long-range (vessel)
  • LSFO - low-sulphur fuel oil
  • MCs - Member Countries
  • MED - Mediterranean
  • MENA - Middle East/North Africa
  • MOMR - Monthly Oil Market Report
  • MPV - multi-purpose vehicle
  • MR - medium-range or mid-range (vessel)
  • NBS - National Bureau of Statistics
  • NGLs - natural gas liquids
  • NPC - National People’s Congress (China)
  • NWE - Northwest Europe
  • NYMEX - New York Mercantile Exchange
  • OECD - Organisation for Economic Cooperation and Development
  • OPEX - operational expenditures
  • OIV - total open interest volume
  • ORB - OPEC Reference Basket
  • OSP - Official Selling Price
  • PADD - Petroleum Administration for Defense Districts
  • PBoC - People’s Bank of China
  • PMI - purchasing managers’ index
  • PPI - producer price index
  • RBI - Reserve Bank of India
  • REER - real effective exchange rate
  • ROI - return on investment
  • SAAR - seasonally-adjusted annualized rate
  • SIAM - Society of Indian Automobile Manufacturers
  • SRFO - straight-run fuel oil
  • SUV - sports utility vehicle
  • ULCC - ultra-large crude carrier
  • ULSD - ultra-low sulphur diesel
  • USEC - US East Coast
  • USGC - US Gulf Coast
  • USW C - US West Coast
  • VGO - vacuum gasoil
  • VLCC - very large crude carriers
  • WPI - wholesale price index
  • WS - Worldscale
  • WTI - West Texas Intermediate
  • WTS - West Texas Sour