Here is a List of terms and acronyms  used in Oil Transactions along with explanations of what these terms mean.  You will find that a number of these terms are depreciated and not used in real oil transactions and the reasons why.  There are other terms that are only used in the primary oil market (two principal transactions; directly between oil producers and refineries, without using intermediaries).  This has been written to inform those that are in the oil and petroleum of the proper procedures, contractual documents and banking instruments that will actually work when there is a principal intermediary serving both sides of the deal by occupying a role as a buyer/seller in the middle.

You can hover your cursor over any blue link on this page and the description for the term will magically appear.