Picture story about black gold (7)
I believe the answer is:
tableau
'picture' is the definition.
(thesaurus)
'story about black gold' is the wordplay.
'story' becomes 'tale' ('tale' can be a synonym of 'story').
'about' indicates putting letters inside.
'black' becomes 'b' (as in pencil classifications).
'gold' becomes 'au' (Au is the chemical symbol for gold).
'tale' going around 'b' is 'table'.
'table'+'au'='TABLEAU'
(Other definitions for tableau that I've seen before include "A scene with silent motionless group of people" , "Painting - spectacle" , "Dramatic scene (where the action is frozen?)" , "Group of models representing a scene" , "'Frozen' theatrical scene" .)