Oil Industry Analysis
The OIL INDUSTRY includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
History
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
History
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
Links: worlds_largest_oil_and_gas_companies.htm Newenergyanffuel.(2011). The economic impact of oil and gas industry. Retrieved on December 14, 2011, from:http://newenergyandfuel.com/http:/newenergyandfuel/com/2010/02/26/the-economic-impact-of-the-oil-and-natural-gas-industry/ Web,Worldbank.(2011).EXTOG. Retrieved on December 14, 2011, from:http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTOGMC/0,,contentMDK:20220001~menuPK:463295~pagePK:148956~piPK:216618~theSitePK:336930,00.html