Drake partner
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The business of oil and gas exploration and production
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Transportation and storage
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Refining and marketing
USEFUL PRODUCTS
Petroleum Refining Processes are the chemical engineering processes and other facilities used in petroleum refineries (also referred to as oil refineries) to transform crude oil into useful products such as liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil and fuel oils.
THE WORLD´S TOP OIL PRODUCERS
Oil Reserves
Global production of oil and other petroleum liquids averaged 100.1 million barrels per day (b/d) in 2022, according to the U.S. Energy Information Administration (EIA), and is expected to rise to 101.8 million b/d in 2023.1 The top five oil producing nations in 2022 were the United States, Saudi Arabia, Russia, Canada and China. The United States topped the list with a production of 18,875,000 barrels per day (bpd). Saudi Arabia came in second with an output of 10,835,000 BPD and possesses 17% of the total proven petroleum reserves on a global scale.
For instance, in April 2023, OPEC surprised markets by announcing output cuts totaling around 3.66 million b/d, or 3.7% of global demand.
This sent the price of oil up, skyrocketing 7%.
TOP FIVE OIL PRODUCERS
UNITED STATES
The United States oil industry is made up of thousands of companies, engaged in exploration and production, transportation, refining, distribution, and marketing of oil. The industry is often informally divided into "upstream" (exploration and production), "midstream" (transportation and refining), and "downstream" (distribution and marketing). The industry sector involved in oil exploration and production is for all practical purposes identical with the sector exploring and producing natural gas, but oil and natural gas have different midstream and downstream sectors.
SAUDIA ARABIA
Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
The Middle East includes five of the top ten oil-producing countries and is responsible for producing about 27% of world production.1 While state-owned enterprises produce much of the oil, many international oil companies engage in oil production and related activities in the Middle East through joint ventures, production-sharing agreements, and other business models.
RUSSIA
In 2021, Russia produced 540 million tonnes of crude oil, accounting for 13% of global production. Of this, 260 million tonnes were exported directly as crude oil, comprising 13% of global exports.
CANADA
Most of the Canadian petroleum production is exported, approximately 600,000 cubic meters 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 petroleum industry in Canada is also referred to as the "Canadian Oil Patch", the term refers especially to upstream operations (exploration and production of oil and gas), and to a lesser degree to downstream operations (refining, distribution, and selling of oil and gas products). In 2005, almost 25,000 new oil wells were spudded (drilled) in Canada.
CHINA
The impact of the petroleum industry has been increasing globally as China ranks seventh for oil production and second in crude oil consumption in the world.
China imported a record 6.7m barrels a day (b/d) of oil in 2015 and was forecast "to overtake the U.S. as the world’s biggest crude importer in 2016".
Oil prices rose in early trade on February 6, 2023, after declining 8% in the week prior to January 31st, 2023. Brent crude futures rose 0.2% to $80.10 a barrel and WTI crude futures increased 0.2% to $73.54 a barrel. The IEA predicts China will drive half of global oil demand growth this year and may prompt OPEC+ to reassess its output cuts. Russian product price caps took effect on February 5, 2023, but are expected to have minimal impact on overall supplies.
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