A glossary of common terms and abbreviations used in the industry, with links to more in-depth articles on key words
IBP - (Initial boiling point) the temperature at which a distillation fraction just begins to evaporate when distilled
ICE - (Intercontinental exchange) one of the two main futures exchanges for crude oil (the other being NYMEX)
IEA - (International Energy Agency) the branch of the OECD responsible for monitoring energy markets
IFP - (Institute Francais du Petrole) a research organization that has developed an array of refining technologies and catalysts
IGO - (Industrial gasoil) a diesel range light product used for non-transportation purposes
IMO - (International Marine Organization) an international treaty organization under the United Nations that establishes the Law of the Seas
Independent - a company that plays in only one part of the the petroleum value chain (upstream or downstream)
Import parity - (IPP) a price setting mechanism for a commodity in which the price is set based on the cost of importing the commodity into a location
Industrial gasoil - (IGO) a diesel-range light product used for non-transportation purposes
Initial boiling point - (IBP) the temperature at which a distillation fraction just begins to evaporate when distilled
Institut Francais du Petrole - (IFP)a research organization that has developed an array of refining technologies and catalysts
Integration - when a company participates in adjacent segments of the oil value chain, especially when they physically exhange streams between the segments, thereby avoiding exposure to the market
Integrated oil company - (IOC) a company that plays across the entire petroleum value chain from oil exploration and production to transport, refining, and marketing
Intercontinental Exchange - (ICE) one of the two main futures exchanges for crude oil (the other being NYMEX)
International Energy Agency - (IEA)the branch of the OECD responsible for monitoring energy markets
International marine organization - (IMO) an international treaty organization under the United Nations that establishes the Law of the Seas
Intermediates - any refinery hydrocarbon stream that is not a crude oil or one of the finished petroleum products (such as gasoline)
Inventory - the volume of crude oil and refined products that a refinery maintains in tanks
IPP - (Import price parity) a price setting mechanism for a commodity in which the price is set based on the cost of importing the commodity into a location
Iran heavy (crude) - a medium, sour crude grade produced in Iran
Iran light (crude) - a medium, sour crude grade produced in Iran
Isobutane - (iC4) a branched-chain isomer of normal butane
Isomer - molecules that have the same chemical formula but different structures, and therefore different physical characteristics
Isomerate - a gasoline blend stock produced by the isomerization unit through increasing the octane of light naphtha
Isomerization - a chemical process that changes the shape of a molecule without changing its size
Isthmus (crude) - a medium, sour crude grade produced in Mexico