International Oil Trading and Pricing (TR1) Pre-test

The Oxford Princeton Programme strives to identify the most appropriate training solution for each individual. Consequently, we have devised a questionnaire that you may use to guide you to the most appropriate course and to indicate the level of knowledge you will acquire within the International Oil Trading and Pricing (TR1) course.

The test below is not "graded". It is meant to give you and your training coordinator an idea of how comfortable you are with the prerequisite material. If this test comfortably takes you one hour or less, you are well prepared to enter the course.

We will review all of these tests to ensure all delegates are entering at a similar level.

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1. What do the letters API stand for?

a. Asian Petroleum Index
b. American Petroleum Index
c. Asian Price Index
d. American Petroleum Institute

2. Which Metric tonne of crude oil would be the most barrels?

a. 20 API
b. 25 API
c. 35 API
d. 40 API

3. What is 50 degrees Celsius expressed in degrees Farenheit?

a. 100
b. 122
c. 212
d. 245

4. What do the letters OPEC stand for?

a. Organisation of Petroleum Exporting Countries
b. Organisation of Production and Export of Crude
c. Organisation for Petroleum Emission Control
d. Organisation for Product Export from Country

5. Which of these countries is not a member of OPEC?

a. Saudi Arabia
b. Egypt
c. Indonesia
d. Venezuala

6. Approximately how many millions of barrels of crude oil are produced every day?

a. 60
b. 80
c. 100
d. 120

7. In oil trading terminology, what is meant by Technical Analysis?

a. The chemical analysis of the oil in a technical laboratory
a. The chemical analysis of the oil in a technical laboratory
c. The analysis of historic prices to predict future
d. The analysis of a series of trades to determine profit and loss

8. When carried on a sea going tanker, gasoline is carried on:

a.Clean Tankers
b. Gas Tankers
c. Dirty Tankers
d. Chemical Tankers

9.What is meant by the deadweight of a tanker?

a. The weight of the tanker’s structure
b. The weight of the tanker’s cargo
c. The weight of the cargo plus bunkers, stores and water
d. The weight of the cargo plus the weight of the tanker’s structure

10. What do the letters GRT stand for?

a. Greek Registered Tanker
b. Greek Registered Tonnage
c. Gross Registered Tonnage
d. General Registered Tanker

11. What do the letters WS stand for?

a. Worldscale
b. White Spirit
c. World Size
d. World Sign

12. Where is Quoin Island?

a. In the US Gulf
b. In Lake Maracaibo
c. In the North Sea
d. In the Arabian Gulf

13. Which is the category of tanker that has the highest deadweight?

a. Suezmax
b. Handymax
c. Panamax
d. Aframax

14. What is the most common period of laytime within a character party?

a. 36 hours
b. 24 hours
c. 48 hours
d. 72 hours

15. You have a demurrage invoice - what is it in respect of?

a. Vessel port charges
b. Crew costs
c. Delays to the vessel
d. Bunker fuel consumed by the vessel

16. Which is the most valuable crude oil?

a. 10 API
b. 20 API
c. 30 API
d. 40 API

17. Which is the most valuable crude oil?

a. Medium Sulphur
b. Low Sulphur
c. High Sulphur

18. What does GPW stand for?

a. Gross Product Weight
b. Gross Product Worth
c. General Product Weight
d. General Product Weighting

19. What refining units are present in a hydro skimming refinery?

a. CDU
b. CDU + Coker
c. CDU + Reformer
d. CDU + Reformer + FCCU

20. Which hydrocarbon type has the highest octane number?

a. Paraffins
b. Naphthenes
c. Aromatics

21. Which refining process will produce the best quality heating oil?

a. Visibreaker
c. Hydrocracker
d. Coker

22. You have sold 10 lots of IPE Gas Oil.  What are you today?

a. Long
b. Short
c. Neutral
d. Short only when the contract expires

23. What does FOB mean?

a. Freight or Bridge
b. Free on Board
c. Fuel Oil Barge
d. Fixed Oil Broker

24. What does CFR mean?

a. Cost and Freight
b. Cost for Receiver
c. Chartering for Receiver
d. Clean Freight Received

25. Which contract price would you expect to be the most expensive?

a. FOB
b. DDU
c. CIF
d. CFR

26. When does title and risk generally pass under a FOB contract?

a. At the loading flange
b. At the discharge flange
c. At the loading tank
d. At the discharge tank

27. Who charters the tanker in a chain of FOB buyers?

a. The prime of the cargo
b. The first FOB buyer in the chain
c. The last FOB in the chain
d. The final receiver of the cargo

28. What quality is measured in centistokes?

a. Flash point
b. Pour point
c. Viscosity
d. Thermal stability

29. Which of the following specifications do not blend linearly?

a. Sulphur
b. Density
c. Viscosity
d. Aromatics

30. You have sold a cargo of oil to your buyer and you want some form of security on the deal.  Which is best for you?

a. Open credit
b. Telegraphic transfer
c. Bank standy letter of credit
d. A bank of documentary

31. One of the tasks undertaken by Classification Society is to:

a. Produce a ranking of tankers based on speed
b. Produce a ranking of tankers based on age
c. Manage the stores of board tankers
d. Manage the issurance of safety certificates

32. Primary stocks are found:

a. At a retail gasoline station
b. In the ground - yet to be recovered
c. At a producer's terminal
d. At wholesaler's terminal

33. What does R/P ratio mean?

a. Retail to purchase cost ratio
b. Reserves to proven reserves ratio
c. Reserves to production ratio
d. Retail sales to production ratio

34. What does production field unitisation mean?

a. Sharing the reserves out equally in reservoir
b. Combining licensed blocks in to one consortium
c. Electing the biggest field shareholder as operator
d. Selling off the unusable parts of a licensed block

35. In a time charter, the charterer pays for:

a. The crew plus fuel
b. The fuel plus port charges
c. The fuel plus crew plus port charges
d. The crew plus port charges

36. What does AFRA stand for?

a. Averaged Freight Return Assessment
b. Audited Fiscal Recovery Assessment
c. Average Freight Rate Assessment
d. Audited Freight Rate

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