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ICEX Commodity Profile – Crude Oil
Crude oil is a mixture of hydrocarbons that exists in a liquid phase
in natural underground reservoirs. Crude oil is the most important
energy carrier at a global scale and since all kinds of transport rely
heavily on oil, the future availability of crude oil is of paramount
interest. Crude oil is classified by the location of its origin (e.g.
West Texas Intermediate, WT or Brent) and often by its relative weight
or viscosity (light, intermediate or heavy).
Economic importance
- World’s primary energy consumption is supplied by crude oil.
- Crude oil is used as diesel fuel (petrol-diesel), fuel oils, gasoline
(petrol), jet fuel, kerosene and liquefied petroleum gas (LPG).
- Transport relies to well over 90 percent on oil.
Global Scenario
Saudi Arabia, Russia and United States are the top three crude oil
producing countries in the world. OPEC countries account for more than
three quarters of oil reserves in the world. OPEC has great influence on
the world crude oil market. Saudi Arabia is also the major exporter of
crude oil followed by Russia, Iran, UAE and Nigeria. Among major
consumers of crude oil, the US tops the list followed by China, Japan,
USSR and India.
Domestic Scenario
India reserves second highest crude oil deposits in Asia-Pacific after
China. It is the sixth largest consumer of crude oil in the world with
about 70% of its local requirement met through imports. The country
consumed average of about 2.7 million barrels per day during 2006 and
2008. The country currently stands at third largest importer of crude
oil in the world. Currently, state-owned Oil and Natural Gas Corporation
Ltd is the biggest producer of crude oil (largely from the Mumbai High
offshore fields). |
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