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TeachMeFinance.com - explain Production, crude oil Production, crude oil The term 'Production, crude oil' as it applies to the area of energy can be defined as ' The volumes of crude oilthat are extracted from oil reservoirs. These volumes are determined through measurement of the volumes delivered from lease storage tanks orat the point of custody transfer, with adjustment for (1) net differences between opening and closing lease inventories and (2) basic sediment and water. Crude oil used on the lease is considered production'. Previous 5 Terms: Production expenses Production expenses Production flexibility contract Production payments Production plant liquids Next 5 Terms: Production, lease condensate Production, natural gas Production, natural gas, wet after lease separation Production, oil and gas Productive capacity About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.