What is the definition of Net Standard Volume (NSV)?

The definition of Net Standard Volume (NSV) is the total volume of petroleum liquids that has been corrected for temperature and API gravity. This adjustment is crucial because petroleum liquids are affected by temperature variations, which can cause expansion or contraction, leading to inaccuracies in volume measurements. Additionally, APIG (American Petroleum Institute Gravity) is a measure of how heavy or light petroleum liquids are compared to water. By correcting the volume for these two factors, NSV provides a standardized and accurate measurement that can be consistently compared across different situations and conditions in the petroleum industry.

In the context of the other choices, the total volume of hydrocarbons including sediment and water refers to a broader measurement that does not account for the necessary corrections for temperature and API gravity, making it less precise for various operations and transactions. The mention of free water and settled solids in a tank specifically addresses aspects of product quality and contamination rather than the corrected measurement of volume itself. Lastly, a measure of the total quantity of solid materials in petroleum liquids again diverges from the primary focus on liquid volume, focusing instead on impurities rather than the integrity of the volume measurement.