Question

International pricing of crude oil takes into account how long it takes to form crude oil

Answer 1

In a lab it can take hours or days. But you mean, "naturally", right? The actual process (catogenesis) is quite fast - getting the raw materials into the situation where it can start in the first place is the hard part and that is the bit that takes a long time. This means that natural oil production is not like an industrial process that is done a gallon at a time ... but millions of barrels in one setup. n a typical petroleum system such as the Mississippi River delta, it may take 10 million years to bury the material deep enough for it to reach temperatures of catagenesis. Add in some volcanic activity that makes a high geothermal gradient and that timing may be quite short and no longer in millions of years. So your estimate (~10000y) is way too long for the process itself and way too short for it to happen naturally. Caution. This is a question that comes up a lot in young-earth creationist circles - with the shorter answers being paraded about as evidence that the scientists have got it wrong yet again.

Reference https://www.physicsforums.com/threads/how-long-does-it-take-the-earth-to-form-one-gallon-of-oil.6671...

Answer 2

According to the question;

"International pricing of crude oil takes into account how long it takes to form crude oil."

This statement is completely true.

Crude oil is one of the best goods which hugely affects the international market of economics.

The price of the crude oil depends on the processing time of it.

That's why the statement is completely true.