Crude oil: Flammable liquid consisting of hydrocarbons found underneath underground. Crude oil is recovered through oil drilling and refined into usable products such as gasoline, heating oil, kerosene, diesel, among others. Crude oil is often described as “heavy” or “light” to indicate the proportion of hydrocarbons (heavier meaning more).
Conventional oil: retractable with current techniques of extraction.
Shale oil (pétrole de schiste) : not to be confounded with oil shale, it is a unconventional oil produced from oil shale rocks as described on this page.
Under-conventional: localized in hardly accessible areas
Reserves: quantity of oil retractable/recoverable
Resources: quantity of oil identified
Recovery rate: reserves/resources- it varies from 5% to 85%. The mean recovery rate was 20%-35% in the 70s; it could go til 50% in 2020.
OPEC (Organization of Petroleum Exporting Countries) : created in 1960 (Baghdad Conference),it is headquartered in Vienna and groups twelve members (Algeria, Angola, Saudi Arabia, United Arab Emirates, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria , Qatar and Venezuela). It’s objective is to coordinate the petroleum policies of Member States, for both return on investment for producers and ensure the supply of consumers.