The Oil Industry started off more than five thousand years back. Oil sipping up from the ground were used to make the boats waterproof in the Middle East and also used as medicating as well as for painting different things. The importance of oil in the world evolved at a slow pace but once identified, it became the most sought after asset for human beings. The demand for Oil was much higher than what it actually produced and this brought forward the concept of making oil production companies collectively known as oil industry. This industry is very important in the world and a lot depends on the price of the oil and it has been observed that whenever the oil prices increase, the price of various products also increases. The oil industry accounts for the large amounts of energy consumption, where in Middle east bags the top position and Europe the bottom. Reserve distribution
Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East.Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value. Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels including 2.5 billion barrels in the Saudi-Kuwaiti neutral zone. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 billion barrels in January 2011. The Saudi reserves are about one-fifth of the world’s total conventional oil reserves.
Players in the industry
Green bars are OPEC members
Red bars are Russian companies
Blue bars are non-OPEC national oil companies
White bars are public multinationals
The American Petroleum Institute divides the petroleum industry into five sectors: •Upstream: The upstream oil industries include well exploration, drilling and operation. The upstream oil industry is important because it determines supply which affects prices in the downstream sector. The upstream sector is primarily concerned with finding and utilizing the available petroleum supply. •Downstream: The downstream oil sector is a term commonly used to refer to the refining of crude oil, and the selling and distribution of natural gas and products derived from crude oil. Such products include liquified petroleum gas (LPG), gasoline or petrol, jet fuel, diesel oil, other fuel oils, asphalt and petroleum coke. The downstream sector includes oil refineries, petrochemical plants, petroleum product distribution, retail outlets and natural gas distribution companies. The downstream industry touches consumers through thousands of products such as petrol, diesel, jet fuel •Pipeline
•Service and Supply
There is one more sector petroleum industry is divided into: Mid-Stream
The midstream sector is primarily involved with the transportation of oil and natural gas from the extraction site to the refineries. This midstream sector is often included as an...