Glossary
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Vapour displacement

Release of vapours that had previously occupied space above liquid fuels stored in tanks. These releases occur when tanks are emptied and filled.

Vapour pressure

The pressure exerted by a vapour that is in equilibrium with a liquid.

Variable price

A contracted price that can change by the hour, day, month, etc.

Volume flexibility

Provides a contractual option to buy or sell a non-financial item in a purchase and sales contract that can be settled net in cash or through another financial instrument. Such a contract, under International Financial Reporting Standards, can generally not apply the own use exemption to applying fair-value accounting to contracts. See Own use exemption.