The Bilderbergers of 1991
The lighter fractions of the crude oil are destroyed first, resulting in reservoirs containing an extremely heavy form of crude oil, called crude bitumen in Canada, or extra-heavy crude oil in Venezuela. First adopted by PEMEX in , market-linked pricing was widely accepted, and by became and still is the main method for pricing crude oil in international trade. He is married to Christina Sante. Es ist bequem und Desinteresse sich nicht für seine Mitmenschen zu interessieren und ziemlich deutsch es als gesichert zu halten, — alle wollten wie Deutsche sein, nur weil sie hier sind, oder Deutsche wären im Ausland so beliebt, weil sie Deutsche.
The natural pressure in most reservoirs, however, eventually dissipates. Then the oil must be extracted using " artificial lift " means. Over time, these "primary" methods become less effective and "secondary" production methods may be used. A common secondary method is "waterflood" or injection of water into the reservoir to increase pressure and force the oil to the drilled shaft or "wellbore.
In the United States, primary production methods account for less than 40 percent of the oil produced on a daily basis, secondary methods account for about half, and tertiary recovery the remaining 10 percent. Oil-eating bacteria biodegrade oil that has escaped to the surface. Oil sands are reservoirs of partially biodegraded oil still in the process of escaping and being biodegraded, but they contain so much migrating oil that, although most of it has escaped, vast amounts are still present—more than can be found in conventional oil reservoirs.
The lighter fractions of the crude oil are destroyed first, resulting in reservoirs containing an extremely heavy form of crude oil, called crude bitumen in Canada, or extra-heavy crude oil in Venezuela. These two countries have the world's largest deposits of oil sands. On the other hand, oil shales are source rocks that have not been exposed to heat or pressure long enough to convert their trapped hydrocarbons into crude oil.
Technically speaking, oil shales are not always shales and do not contain oil, but are fined-grain sedimentary rocks containing an insoluble organic solid called kerogen. The kerogen in the rock can be converted into crude oil using heat and pressure to simulate natural processes.
The method has been known for centuries and was patented in under British Crown Patent No. The petroleum industry generally classifies crude oil by the geographic location it is produced in e.
Crude oil may be considered light if it has low density or heavy if it has high density; and it may be referred to as sweet if it contains relatively little sulfur or sour if it contains substantial amounts of sulfur. The geographic location is important because it affects transportation costs to the refinery. Light crude oil is more desirable than heavy oil since it produces a higher yield of gasoline, while sweet oil commands a higher price than sour oil because it has fewer environmental problems and requires less refining to meet sulfur standards imposed on fuels in consuming countries.
Each crude oil has unique molecular characteristics which are revealed by the use of Crude oil assay analysis in petroleum laboratories. Barrels from an area in which the crude oil's molecular characteristics have been determined and the oil has been classified are used as pricing references throughout the world.
Some of the common reference crudes are: There are declining amounts of these benchmark oils being produced each year, so other oils are more commonly what is actually delivered. While the reference price may be for West Texas Intermediate delivered at Cushing, the actual oil being traded may be a discounted Canadian heavy oil—Western Canadian Select— delivered at Hardisty , Alberta , and for a Brent Blend delivered at Shetland, it may be a discounted Russian Export Blend delivered at the port of Primorsk.
The petroleum industry is involved in the global processes of exploration , extraction , refining , transporting often with oil tankers and pipelines , and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline. Petroleum is also the raw material for many chemical products , including pharmaceuticals, solvents, fertilizers, pesticides, and plastics.
The industry is usually divided into three major components: Midstream operations are usually included in the downstream category. Petroleum is vital to many industries, and is of importance to the maintenance of industrialized civilization itself, and thus is a critical concern to many nations. The world at large consumes 30 billion barrels 4. In fact, 24 percent of the oil consumed in went to the United States alone,  though by this had dropped to 21 percent of world oil consumed.
This non-profit trade association was founded in , and is the oldest petroleum trade association in the United States. In the s, shipping costs made up 33 percent of the price of oil transported from the Persian Gulf to the United States,  but due to the development of supertankers in the s, the cost of shipping dropped to only 5 percent of the price of Persian oil in the US.
After the collapse of the OPEC-administered pricing system in , and a short-lived experiment with netback pricing, oil-exporting countries adopted a market-linked pricing mechanism.
First adopted by PEMEX in , market-linked pricing was widely accepted, and by became and still is the main method for pricing crude oil in international trade. The chemical structure of petroleum is heterogeneous , composed of hydrocarbon chains of different lengths. Because of this, petroleum may be taken to oil refineries and the hydrocarbon chemicals separated by distillation and treated by other chemical processes , to be used for a variety of purposes.
The total cost per plant is about 9 billion dollars. The most common distillation fractions of petroleum are fuels. Fuels include by increasing boiling temperature range: Petroleum classification according to chemical composition.
Certain types of resultant hydrocarbons may be mixed with other non-hydrocarbons, to create other end products:. Since the s, agricultural productivity has increased dramatically, due largely to the increased use of energy-intensive mechanization , fertilizers and pesticides.
Rate of world energy usage per year from This table orders the amount of petroleum consumed in in thousand barrels bbl per day and in thousand cubic metres m 3 per day: US Energy Information Administration. In petroleum industry parlance, production refers to the quantity of crude extracted from reserves, not the literal creation of the product.
It is the leading source of U. CIA World Factbook [ not in citation given ]. Because petroleum is a naturally occurring substance, its presence in the environment need not be the result of human causes such as accidents and routine activities seismic exploration, drilling , extraction, refining and combustion.
Phenomena such as seeps  and tar pits are examples of areas that petroleum affects without man's involvement. Regardless of source, petroleum's effects when released into the environment are similar. Ocean acidification is the increase in the acidity of the Earth's oceans caused by the uptake of carbon dioxide CO 2 from the atmosphere. This increase in acidity inhibits all marine life — having a greater impact on smaller organisms as well as shelled organisms see scallops.
When burned, petroleum releases carbon dioxide, a greenhouse gas. Along with the burning of coal, petroleum combustion may be the largest contributor to the increase in atmospheric CO 2. About 13 percent of the world's undiscovered oil resides in the Arctic. Oil extraction is simply the removal of oil from the reservoir oil pool. Oil is often recovered as a water-in-oil emulsion, and specialty chemicals called demulsifiers are used to separate the oil from water.
Oil extraction is costly and sometimes environmentally damaging. Offshore exploration and extraction of oil disturbs the surrounding marine environment. The quantity of oil spilled during accidents has ranged from a few hundred tons to several hundred thousand tons e. Smaller spills have already proven to have a great impact on ecosystems, such as the Exxon Valdez oil spill. Oil spills at sea are generally much more damaging than those on land, since they can spread for hundreds of nautical miles in a thin oil slick which can cover beaches with a thin coating of oil.
This can kill sea birds, mammals, shellfish and other organisms it coats. Oil spills on land are more readily containable if a makeshift earth dam can be rapidly bulldozed around the spill site before most of the oil escapes, and land animals can avoid the oil more easily. Control of oil spills is difficult, requires ad hoc methods, and often a large amount of manpower.
Though crude oil is predominantly composed of various hydrocarbons, certain nitrogen heterocylic compounds, such as pyridine , picoline , and quinoline are reported as contaminants associated with crude oil, as well as facilities processing oil shale or coal, and have also been found at legacy wood treatment sites.
These compounds have a very high water solubility, and thus tend to dissolve and move with water. Certain naturally occurring bacteria, such as Micrococcus , Arthrobacter , and Rhodococcus have been shown to degrade these contaminants. A tarball is a blob of crude oil not to be confused with tar , which is a man-made product derived from pine trees or refined from petroleum which has been weathered after floating in the ocean.
Tarballs are an aquatic pollutant in most environments, although they can occur naturally, for example in the Santa Barbara Channel of California   or in the Gulf of Mexico off Texas. Their composition can be used to identify their sources of origin,   and tarballs themselves may be dispersed over long distances by deep sea currents.
Robbins has argued that the advent of petroleum-refined kerosene saved some species of great whales from extinction by providing an inexpensive substitute for whale oil , thus eliminating the economic imperative for open-boat whaling. In the United States in about 70 percent of petroleum was used for transportation e. Biological feedstocks do exist for industrial uses such as Bioplastic production.
In oil producing countries with little refinery capacity, oil is sometimes burned to produce electricity. Renewable energy technologies such as solar power , wind power , micro hydro , biomass and biofuels are used, but the primary alternatives remain large-scale hydroelectricity , nuclear and coal-fired generation.
Consumption in the twentieth and twenty-first centuries has been abundantly pushed by automobile sector growth. The — oil glut even fueled the sales of low fuel economy vehicles in OECD countries. The economic crisis seems to have had some impact on the sales of such vehicles; still, in oil consumption showed a small increase.
In Goldman Sachs predicted lower demand for oil due to emerging economies concerns, especially China. In the long term, uncertainties linger; the OPEC believes that the OECD countries will push low consumption policies at some point in the future; when that happens, it will definitely curb oil sales, and both OPEC and the Energy Information Administration EIA kept lowering their consumption estimates during the past five years. Recent upward revisions are primarily a result of US tight oil.
Production will also face an increasingly complex situation; while OPEC countries still have large reserves at low production prices, newly found reservoirs often lead to higher prices; offshore giants such as Tupi , Guara and Tiber demand high investments and ever-increasing technological abilities. Subsalt reservoirs such as Tupi were unknown in the twentieth century, mainly because the industry was unable to probe them.
DaQing , China  will continue to play a major role in increasing the world's recoverable oil. The expected availability of petroleum resources has always been around 35 years or even less since the start of the modern exploration.
The oil constant , an insider pun in the German industry, refers to that effect. Peak oil is a term applied to the projection that future petroleum production whether for individual oil wells, entire oil fields, whole countries, or worldwide production will eventually peak and then decline at a similar rate to the rate of increase before the peak as these reserves are exhausted. The peak of oil discoveries was in , and oil production per year has surpassed oil discoveries every year since Hubbert applied his theory to accurately predict the peak of U.
This prediction was based on data available at the time of his publication in In the same paper, Hubbert predicts world peak oil in "half a century" after his publication, which would be Some of these predictions date from before the recession of the early s, and the consequent reduction in global consumption, the effect of which was to delay the date of any peak by several years. Just as the U.
Unconventional oil is petroleum produced or extracted using techniques other than the conventional methods. In particular, the combination of horizontal drilling and hydraulic fracturing has resulted in a significant increase in production from previously uneconomic plays. The large increase in tight oil production is one of the reasons behind the price drop in late Conventional vertical wells would be unable to economically retrieve these hydrocarbons.
Horizontal drilling, extending horizontally through the strata, permits the well to access a much greater volume of the strata. Hydraulic fracturing creates greater permeability and increases hydrocarbon flow to the wellbore. From Wikipedia, the free encyclopedia. For the film, see Crude Oil film. For the fuel, see Petrol. For other uses, see Petroleum disambiguation. Pumpjack pumping an oil well near Lubbock, Texas. An oil refinery in Mina Al Ahmadi , Kuwait. History of the petroleum industry.
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. October Learn how and when to remove this template message. Unconventional oil , Oil sands , and Oil shale reserves.
This article needs to be updated. Please update this article to reflect recent events or newly available information. Global fossil carbon emissions, an indicator of consumption, from Oil consumption by percentage of total per region from to For oil production by country, see List of countries by oil production. For oil reserves by country, see List of countries by proven oil reserves.
Top oil-producing countries million barrels per day. World map with countries by oil production information from — Fossil fuel exporters and OPEC. Oil exports by country barrels per day, Oil imports by country barrels per day, Befesa Sa Befesa Ord Shs.
Beghelli Spa Beghelli Ord Shs. Beiersdorf Ag Beiersdorf Ord Shs. Bellway Plc Ord Bellzone Mining Plc Ord Npv. Belreca Nv Belreca Ord Shs. Belships Asa Belships Ord Shs. Beluga Nv Beluga Ord Shs. Belvoir Lettings Plc Ord 1P.
Benchmark Holdings Plc Ord 0. Bene Ag Bene Ord Shs. Beneteau Sa Beneteau Ord Shs. Beowulf Mining Plc Ord 1P. Bergenbio Asa Bergenbio Ord Shs. Berling Sa Berling Ord Shs.
Bertrandt Ag Bertrandt Ord Shs. Best Sa Best Ord Shs. Betacom Sa Betacom Ord Shs. Bezant Resources Plc Ord 0. Bf Holding Spa B. Biancamano Spa Biancamano Ord Shs. Bibbinstruments Ab Bibbinstruments Ord Shs. Bidstack Group Plc Ord 0. Biesse Spa Biesse Ord Shs.
Biffa Plc Ord Gbp0. Bigblu Broadband Plc Ord 15P. Bigdish Plc Ord Npv. Bilby Plc Ord 10P. Bilfinger Se Bilfinger Ord Shs. Billboard Ad Bilbord Ord Shs. Billington Holdings Plc Ord 10P. Bimobject Ab Bimobject Ordinary Shares. Binckbank Nv Binckbank Ord Shs. Bio-on Spa Bio-on Ord Shs. Bioarctic Ab Bioarctic Ord Shs. Bioera Spa Bioera Ord Shs. Biogaia Ab Biogaia Ord Shs. Biohit Oyj Biohit Ord Shs. Bioiasis Ad Bioiasis Ord Shs.
Biome Technologies Plc Ord 5P. Biomerieux Sa Biomerieux Ord Shs. Biopharma Credit Plc Ord Usd0. Biopharmx Corp Biopharmx Ord Shs. Bioquell Plc Ord 10P. Biosearch Sa Biosearch Ord Shs. Biotage Ab Biotage Ord Shs. Biotelemetry Inc Biotelemetry Ord Shs. Bioter Sa Bioter Ord Shs. Biotest Ag Biotest Ord Shs. Biotest Ag Biotest Pref Shs. Biotika As Biotika Ord Shs. Biotime Inc Biotime Ord Shs. Bioton Sa Bioton Ord Shs.
Bioventix Plc Ord 5P. Bioverativ Inc Bioverativ Ord Shs. Employees of Asset Manager organisations should select this plan. Registered Asset Owner User. Employees of Asset Owner organisations should select this plan. Registered Investment Consultant User. No profile image Upload profile image. Accept Conditions of use. Username Password Remember me Forgot login? JP Morgan Investment Bank. Registered Company User Employees of listed or unlisted companies should select this plan.
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