summary of the modern history of oil

summary of the modern history of oil

Saudi Arabia’s oil production in 2019, which includes crude oil, all other petroleum liquids, and biofuels ( natural gas plant liquids and condensate) was an average of 11.81 million bpd, according to the Energy Information Administration (EIA). and 12% of the world’s total.


“I can assure that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use … It will be done in the most environmentally sound and safe way and the most sustainable way,” Saudi Arabia’s Energy Minister Prince Abdulaziz  reportedly said when asked about the oil market outlook in 2050 during a virtual conference convened by Saudi Arabia’s Future Investment Initiative Institute (FII-I).


The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. There are different types of crude oil. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted.


Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. From there, the crude oil is transported by tanker.


The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.

Crude oil is also used in cosmetics and medicines.


The price of OPEC basket of thirteen crudes stood at $38.22 a barrel on Tuesday, 30 June 2020, compared with $37.34 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).


Report by: OGP/Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
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