This document discusses key properties of crude oil, including:
1) Oil is classified based on properties like specific gravity, viscosity, density, etc. with specific gravity and viscosity most commonly used. Specific gravity is represented by API gravity which ranges from 8 to 58 degrees.
2) Bubble point pressure is the pressure at which a small amount of gas is in equilibrium with oil. When pressure drops below this point, gas is liberated from the oil.
3) Other properties discussed include formation volume factor (ratio of reservoir to surface volumes), solution gas-oil ratio (amount of gas dissolved in oil), and compressibility (change in volume with pressure change).