Oil and Gas

Oil & Gas

The most-traded product on the earth, for 15 continuous years, is crude oil with 844-billion-dollars export value in 2017. It will be interesting to know the total production of crude petroleum exceeds 4 billion metric tons! Those figures are only about crude oil. If we add the processed petroleum oils (660 billion), petroleum gases (273 billion), petroleum coke, petroleum jelly, bitumen, etc.(21 billion), it will come up to a giant figure: 1,798,000,000,000 USD as the annual value of trade for oil & gas products in 2017. Additionally, the trade of oil & gas industry utilities, machinery, tools, and raw materials will make a unique and unreachable position for this category which we call “Oil & Gas”.

1,798,000,000,000 USD as the annual value of trade for oil & gas products in 2017

Oil & Gas industry

Oil & gas industry, also named the petroleum industry, includes Upstream (exploration and extraction) and Downstream (refining, storage, transportation, and distribution) of petroleum products. The world’s largest industry (in the size by USD) has employed hundred thousands of people around the globe, in different fields and levels of the profession. Only the size of extraction services of oil & gas, in its pick in 2014, reached the number of 920 billion USD. Therefore, everyone can understand why there are several giant companies with huge income, assets, and the number of employees operating in this industry. The very popular ones are Shell, Exxon Mobil, Chevron, Sinopec, Total, Eni, Aramco, BP, Gazprom, Rosneft, NIOC, Royal Dutch Shell, etc. Saudi Aramco nowadays is the world’s most profitable company with 111.1 billion USD net profit in 2018, beating Apple by far. Apple as the second profitable company in the world has earned a 59.8-billion-dollar net profit in 2018.

Saudi Aramco nowadays is world’s most profitable company with 111.1 billion USD net profit in 2018, beating Apple by far. Apple as the second profitable company in the world has earned a 59.8-billion-dollar net profit in 2018.

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Oil & Gas Products

Petroleum is called black gold because of the extreme value, enormous useful products in our daily life, and unique place in the global economy. Oil & gas products play a very vital role in energy consumption. In Middle East countries, they cover 55% of total energy consumption by value. This rate is 44% for South and Central America, 41% for Africa, 40% for North Africa, 32% for Europe and the rest of Asia. Two main products of the oil & gas industry, are Fuel Oil and Gasoline (petrol). In general, oil & gas products can be classified as follows:

Petroleum Products: Crude Oil, Naphtha, Petroleum coke, Bitumen, Paraffin Wax, Bulk Tar, diesel fuel, fuel oil, Jet Fuel, Heavy fuel oil, gasoline, kerosene, Natural Gas, Compressed Natural Gas (CNG), butane, Liquefied Natural Gas (LNG), Liquid Petroleum Gas (LPG), propane, API – Group I, API – Group II, API – Group III, API – Group IV, API – Group V, and Waste Oil.

All products of this category are organized in the Harmonized System (HS) code of 27 as the “Mineral fuels, mineral oils and products of their distillation; bituminous substances; …” The number of products and by-products of this industry exceeds 6000.

Oil creates the illusion of a completely changed life, life without work, life for free. Oil is a resource that anaesthetises thought, blurs vision, corrupts.
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