What does Barrels per Day mean?
In oil industry, Barrels Per Day is a standard measure of oil production. Oil production from a well in a day is expressed as Barrels Oil Per Day (bopd) or Barrels Per Day B/D.
Futures Knowledge Explains Barrels per Day
Barrel measures the volume of crude oil. Barrels Per Day is a standard unit of measurement of oil production and demand. For example the International Energy Agency forecast of average global oil demand is 93.6 million barrels per day (mb/d) for 2015.
One barrel is equivalent to approximately 42 U.S. gallons or 159 liters. Weight of 7.33 bbl (approx.) of crude oil is a tonne. The market price is quoted in barrel such as $60 per barrel, although it's important to note that there are different qualities of crude oil, therefore the price is not universal.