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Crude Oil. Natural gas. Oil is traditionally measured in barrels, and 1 barrel equals 42 gallons. Despite the world's massive energy usage, experts think that there are still around 1. The nations that have most oil reserves include Venezuela billion bl , Saudi Arabia Middle Eastern nations round out the top 10 all with sizable quantities, but have about one-half of what Saudi Arabia has in reserves. In total, the region's vast supplies of oil make them an integral part of the world economy.
Canada, which has close to billion barrels within its borders, has the third-largest amount of proven oil reserves in the world. However, nearly all of these reserves are located in Alberta's " sand pits ," a terrain that makes the oil harder to extract from the earth than it is in other countries. However, technological innovations are expected to make extracting oil located in this kind of terrain easier.
Before oil can be used, it has to be broken down in a process known as "refining. This is a reason why oil costs tend to fluctuate during storm season. A large hurricane, for example, puts oil supplied at the refineries at risk of destruction.
Refining oil works in a relatively easy way. Crude oil is put into a boiler and turned into a vapor. From there, the vapor moves into a distillation chamber, where it is turned back into a liquid. Different types of oil are formed depending upon the temperature they were distilled at. Gasoline, for example, is distilled at cooler temperatures than residual oils that are used to make products, such as asphalt and tar.
After the many substances made from oil are processed, they arrive in various products to do a little bit of everything, from heating homes to powering cars. It makes sense that the world's biggest economies would use the most oil. America, which has the world's biggest gross domestic product GDP , also consumes more oil than any other nation.
The U. The phrase "America's dependence on foreign oil" is mentioned often in the media, particularly in reference to American imports from the Middle East. However, this statement doesn't accurately tell who supplies the U. About one-third of all of the oil America uses comes from reserves found domestically in the 50 states.
The country that exports the most oil to America is Canada, with Saudi Arabia in second. The European Union EU also uses a large percentage of the world's reserves, going through approximately Other nations who have large, established economies—Japan, Canada, and South Korea—rank high on the list of the world's biggest oil consumers.
China is one country that may play the biggest role in world oil consumption. China currently ranks as the second-biggest oil consumer on the planet. But with its dynamic and fast-growing economy, China's usage of oil is forecasted to grow exponentially. Analysts have said that China's demand for oil grows by approximately 7. This increased demand—along with the growing energy needs of countries like India and Brazil—has been a contributing factor in the rise of oil prices over the past few years.
These countries act as the demand for the world's oil supplies. However, the way oil is priced does not reflect that of the free market. One body has great influence over the worldwide price of oil. The Organization of Petroleum Exporting Countries , more commonly known as OPEC, is a cartel made up of 13 of the world's biggest oil-producing nations, including all of the major Middle Eastern states, Venezuela, and Nigeria.
Since the OPEC nations produce so much of the world's oil supply, they can manipulate the price per barrel depending upon how many barrels per day the group will sell on the world oil market. If the group wants the price to rise in order to make more money, they can reduce the amount of oil contributed to the world market.
And if they want the price to dip—high energy prices drive down demand from OPEC's consumers—they can release more barrels to the market. One might assume there is only one type of oil, but that's far from the truth: There are different types, each with its own consistency, chemical breakdown, and potential for use.
Even though there are so many forms of oil, we typically cite only one price for a barrel. This is because oil traders have selected the most widely used types of oil to determine the price per barrel.
West Texas Intermediate's popularity is due to it being a "light and sweet " oil, which is easy to break down in the refining process. Since this oil is purchased quite frequently, it is used as an industry standard. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent. Because the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India.
In December the global demand for crude oil was On an international level there are a number of different types of crude oil, each of which have different properties and prices. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used.
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