The Oil Industry started off more than five thousand years back. Oil sipping up from the ground were used to make the boats waterproof in the Middle East and also used as medicating as well as for painting different things.
The demand for Oil was much higher than what it actually produced and this brought forward the concept of making oil production companies which is collectively known as the Oil Industry.
The Oil Industry is a very important industry in the world and a lot depends on the price of the oil and it has been observed that whenever the oil prices increase the price of various products also increases. The Oil Industry also through oil production accounts for a large amount of the consumption of energy. In this issue the Middle East is in the first position and the lowest consumption is done by the countries in Europe.
.According to the statistics the amount of oil consumed by the world every year is as many as 30 billion barrel among which nearly 25 percent of the oil consumption is done by United States of America. The Oil Industry can be parted in two, Upstream and Downstream. The importance of oil in the world evolved at a slow pace but once it was identified, it became one of the most important thing in the lives of human beings.
Oil Industry Statistics : The oil sector is considered to be one of the important areas of concern for the
It has acted as a challenge before the global economic scenario. There is fast growing oil consumption in the non- Asian countries.
The non-OECD Asia (Including both India and China) accounts for around 40 percent of the total increase in world oil use. From estimation it is found that to meet the projected increase in world oil demand the total petroleum supply in 2030 is required to reach 118 million barrels per day from 80 million barrels per day as of the year 2003.
The world oil consumption has increased by 1.2 million barrels per day in the year 2005, even after the increase of 2.6 million barrels per day as in the year 2004.
In the year 2004, China's oil use have increased by 0.9 million barrels per day and at the same time its demand increased by only 0.4 million barrels per day in 2005.
Among the various sectors, the transportation sector in the world has led to a high pressure to the industry, as there are few alternatives to the petroleum.
Oil & Gas Journal in its report has shown that world oil reserves estimated at 1,293 billion barrels as of January 1, 2006.
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