Petroleum is a naturally occurring yellowish-black liquid mixture. It consists mainly of hydrocarbons, and is found in geological formations. The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.
The National Energy Program was an energy policy of the Canadian federal government from 1980 to 1985. The economically nationalist policy sought to secure Canadian energy independence, though was strongly opposed by the private sector and the oil-producing Western Canadian provinces, most notably Alberta.
Petroleum politics have been an increasingly important aspect of diplomacy since the rise of the petroleum industry in the Middle East in the early 20th century. As competition continues for a vital resource, the strategic calculations of major and minor countries alike place prominent emphasis on the pumping, refining, transport, sale and use of petroleum products.
The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for and exceptions to the adverse outcomes. Most experts believe the resource curse is not universal or inevitable but affects certain types of countries or regions under certain conditions. As of at least 2024, there is no academic consensus on the effect of resource abundance on economic development.
Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of the Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.
The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level.
An energy superpower is a country that supplies large amounts of energy resources to a significant number of other countries - and therefore has the potential to influence world markets for political or economic gains. Energy superpower status might be exercised, for example, by significantly influencing the price on global markets or by withholding supplies. Nowadays, the term "energy superpower" is increasingly used to characterize nations at the forefront of energy transition and the development of renewable energy resources.
United States energy independence is the concept of eliminating or substantially reducing import of petroleum to satisfy the nation's need for energy. Some proposals for achieving energy independence would permit imports from the neighboring nations of Canada and Mexico, in which case it would be called North American energy independence. Energy independence is espoused by those who want to leave the US unaffected by global energy supply disruptions and would restrict reliance upon politically unstable states for its energy security.
Energy security is the association between national security and the availability of natural resources for energy consumption. Access to cheaper energy has become essential to the functioning of modern economies. However, the uneven distribution of energy supplies among countries has led to significant vulnerabilities. International energy relations have contributed to the globalization of the world leading to energy security and energy vulnerability at the same time.
Canada has access to all main sources of energy including oil and gas, coal, hydropower, biomass, solar, geothermal, wind, marine and nuclear. It is the world's second largest producer of uranium, third largest producer of hydro-electricity, fourth largest natural gas producer, and the fifth largest producer of crude oil. In 2006, only Russia, the People's Republic of China, the United States and Saudi Arabia produce more total energy than Canada.
Norway is a large energy producer, and one of the world's largest exporters of oil. Most of the electricity in the country is produced by hydroelectricity. Norway is one of the leading countries in the electrification of its transport sector, with the largest fleet of electric vehicles per capita in the world.
The Energy in Russia is an area of the national economy, science, and technology of the Russian Federation, encompassing energy resources, production, transmission, transformation, accumulation, distribution, and consumption of various types of energy.
Hydrocarbon economy is a term referencing the global hydrocarbon industry and its relationship to world markets. Energy used mostly comes from three hydrocarbons: petroleum, coal, and natural gas. Hydrocarbon economy is often used when talking about possible alternatives like the hydrogen economy.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel ; it fell in 1986 from $27 to below $10. The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. The inflation-adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986.
The impact of the petroleum industry has been increasing globally as the People's Republic of China ranks seventh for oil production and second in crude oil consumption in the world. China became the world's largest oil importer in 2013.
Within the petroleum industry, proven crude oil reserves in the United States were 44.4 billion barrels (7.06×109 m3) of crude oil as of the end of 2021, excluding the Strategic Petroleum Reserve.
Iran is an energy superpower and the petroleum industry in Iran plays an important part in it. In 2004, Iran produced 5.1 percent of the world's total crude oil, which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. At 2006 levels of production, oil proceeds represented about 18.7% of gross domestic product (GDP). However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.
Energy in Libya primarily revolves around the production, consumption, import, and export of energy, with a significant focus on the petroleum industry, which serves as the backbone of the Libyan economy. As of 2021, Libya is recognized as the seventh-largest crude oil producer in OPEC and ranks third in total petroleum liquids production in Africa. The country holds 3% of the world's proven oil reserves and 39% of Africa's, marking it as a key player in the global energy sector. Despite its abundant resources, the energy industry in Libya has faced significant challenges due to political instability following the civil war that began in 2011. These challenges have led to frequent disruptions in oil production and exports, directly impacting the national economy and its contributions to the global oil market. The sector's future is closely tied to the resolution of political conflicts and the effective management of its vast hydrocarbon resources.
Foreign trade in India includes all imports and exports to and from India. At the level of the Central Government, trade is administered by the Ministry of Commerce and Industry. Foreign trade accounted for 48.8% of India's GDP in 2018.
The petroleum industry in Syria forms a major part of the economy of Syria. According to the International Monetary Fund, before the Syrian Civil War, oil sales for 2010 were projected to generate $3.2 billion for the Syrian government and accounted for 25.1% of the state's revenue.
