off-take

[pars]

Hi! What is the exact meaning of "off-take" in the following passage? It is abut an agreement on oil production. The sentence is originally from a political telegram from which sometimes several words were omitted. Does it mean "extraction"?
Guaranteed minimum crude oil off-take of 300,000 barrels per day, with proportionate payments as in above.
Thanks very much.

 

[GoesStation]

Someone in the oil business might know what the phrase meant sixty years ago.

Remember to surround quoted text in quotation marks.

 

[andrew495]

Not a teacher

It is an amount of oil that buyer will exactly buy in the future. A buyer guarantees it. For example, you (seller) are going to produce 500 000 barrels per day in the next year. But already now you have known that 300 000 barrels per day are sold (having its buyer).

 

[emsr2d2]

Not a teacher

It is an amount of oil that a buyer will [STRIKE]exactly[/STRIKE] definitely buy in the future. A buyer guarantees it. For example, you (a/the seller) are going to produce 500,000 barrels per day in the next year. [STRIKE]But[/STRIKE] You already [STRIKE]now you have known[/STRIKE] know that 300,000 barrels per day [STRIKE]are[/STRIKE] will be sold ([STRIKE]having[/STRIKE] [STRIKE]its[/STRIKE] they have a buyer).

See above.

Andrew495, you are welcome to help other learners but you must make it clear at the start of your post that you are not a teacher.