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 Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
Peak oil is the point when global oil production reaches its maximum rate, after which it will begin to decline irreversibly. The main concern is that global transportation relies heavily on gasoline and diesel. Transitioning to electric vehicles, biofuels, or more efficient transport could help reduce oil demand.
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.
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.
The petroleum or oil industry in Russia is one of the largest in the world. Russia has the largest reserves and was the largest exporter of natural gas. It has the sixth largest oil reserves, and is one of the largest producers of oil. It is the fourth largest energy user.
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for the vast majority of the country's oil output. It is led by Farhat Bengdara, appointed in July 2022, he is seen by many experts as the glue holding east and west together. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
Energy in Kazakhstan describes energy and electricity production, consumption and import in Kazakhstan and the politics of Kazakhstan related to energy.
Predicting the timing of peak oil involves estimation of future production from existing oil fields as well as future discoveries. The initial production model was Hubbert peak theory, first proposed in the 1950s. Since then, many experts have tried to forecast peak oil.
Petroleum has been a major industry in the United States since the 1859 Pennsylvania oil rush around Titusville, Pennsylvania. Commonly characterized as "Big Oil", the industry includes exploration, production, refining, transportation, and marketing of oil and natural gas products. The leading crude oil-producing areas in the United States in 2023 were Texas, followed by the offshore federal zone of the Gulf of Mexico, North Dakota and New Mexico.
The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels, including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. This would correspond to more than 50 years of production at current rates. In the oil industry, an oil barrel is defined as 42 US gallons, which is about 159 litres, or 35 imperial gallons. The oil reserves are predominantly found in the Eastern Province. These reserves were apparently the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves. A large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves. Other sources state that Saudi Arabia has about 297.7 billion barrels.
There have been widely varying estimates of proven oil reserves in Russia. Most estimates included only Western Siberian reserves, which have been exploited since the 1970s and supply two-thirds of Russian oil. However, there are potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels of oil exist in Eastern Siberia. In July 2013, the Russian Natural Resources Ministry made official estimates of reserves available for the first time. According to Russian Natural Resources Minister Sergey Donskoy, as of 1 January 2012, recoverable reserves of oil in Russia under category ABC1 were 17.8 billion tons and category C2 reserves were 10.9 billion tons.
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.
Energy in Algeria encompasses the production, consumption, and import of energy. As of 2009, the primary energy use in Algeria was 462 TWh, with a per capita consumption of 13 TWh. Algeria is a significant producer and exporter of oil and gas and has been a member of the Organization of the Petroleum Exporting Countries (OPEC) since 1969. It also participates in the OPEC+ agreement, collaborating with non-OPEC oil-producing nations. Historically, the country has relied heavily on fossil fuels, which are heavily subsidized and constitute the majority of its energy consumption. In response to global energy trends, Algeria updated its Renewable Energy and Energy Efficiency Development Plan in 2015, aiming for significant advancements by 2030. This plan promotes the deployment of large-scale renewable technologies, such as solar photovoltaic systems and onshore wind installations, supported by various incentive measures.
Oil and Gas dominate the resource sector of the Republic of the Congo, also referred to as Congo-Brazzaville, with the petroleum industry accounting for 89% of the country's exports in 2010. As of June 22, 2018, is a full member of the Organization of the Petroleum Exporting Countries (OPEC), and among African crude oil producers in 2022, The Congo ranked sixth. Nearly all of the country's hydrocarbons were produced off-shore.
Natural gas was the United States' largest source of energy production in 2016, representing 33 percent of all energy produced in the country. Natural gas has been the largest source of electrical generation in the United States since July 2015.
The term crude oil constant has been used as an inside joke and pun in the German petroleum industry, pointing out that the reserves-to-production ratio has been observed as roughly constant in the past decades, whereas oil constant is a term describing various material properties of oils.
