Oil Needs
Oil is the single most important commodity that holds the position of a key factor in each and every economy of the world. The world’s richest nations are at their current positions just because of the oil factor. Hugh Ross just wrote an article on how Petroleum is God's well-timed gift to Mankind
Every industry requires oil to function properly either directly or indirectly as both crude oil and its by-products serve as their inputs. The extent of the commodity’s importance was shown to the world when the world’s most strong economies were shaken up as the oil prices shot up in 1973 and 1979 when the gulf countries refused to supply oil to the countries that were the supporters of Israel in its war with Egypt and Syria. Crude oil alone bears 60% share to meet the global energy needs in the current scenario. The reason for this high share in the primary energy consumption in the world is due to the advantages that oil has over the other constituents of primary energy such as diverse application, comparatively lesser harm to the environment, easy handling, lower capital costs and above all higher efficiency.
[pic]Crude oil producing countries
The following is the production wise list of major crude oil producing countries of the world
• Saudi Arabia*
• Russia
• United States
• Iran*
• Mexico
• China
• Norway
• Canada
• Venezuela*
• United Arab Emirates*
• Kuwait*
• Nigeria*
• United Kingdom
• Iraq*
Production of crude oil in India
India is not among the major producers of crude oil, as it doesn’t have much oil reserves. That is why it generally depends on imports of crude oil from other countries. However, the production of oil and as a result the production of its by-products in India has increased in the recent past due to exploration and findings of new oil reserves
• Mumbai high (Mumbai)
• Upper Assam (Assam)
• Cambay (Gujarat)
• Krishna-Godavari basin (Andhara...
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