Oil tops the ranks as the most-traded commodity in the world, and the crude oil market is monopolized by conglomerates that constantly compete over this limited resource.
Leading the list of global oil producers is Nigeria, Angola, Iraq, Saudi Arabia, Iran and Iraq. The Organization of the Petroleum Exporting Countries regulates oil distribution, and its decisions can impact the price of oil.
The oil supply on earth, however, has a limit. It is feared that oil supply will be consumed completely, and no one knows exactly how much oil is left in the world. Therefore, companies constantly seek to discover additional oil supplies.
Oil supply control and discovery is becoming more urgent for energy leaders, with seeking alternative oil sources and industry innovation at the top of their priority list.
Sector Statistics (source: Datamonitor)
- In 2010, the world crude oil market grew by 31%, reaching a value of $2,107 billion; it is expected to hit in the next $2,682 billion.
- About 36% of the market value is based on America's use.
- Market volume was 26 billion barrels in 2010 and is predicted to reach 30 billion barrels in coming years. The volume of barrels increased by 13% in 2010.
- Russia has the majority of shares in the crude oil production industry, with 47% of shares in 2010.
- Royal Dutch Shell, OJSC Roseneft Oil Company, BP Plc, Conoco Philips, National Oil Company in Libya, Qatar General Petroleum Corporation, Total, Eni SpA, OAO Lukoil, Suncor Energy, RWE AG, Vermilion Energy Trust, Kuwait Petroleum Corporation, Arabian Oil Company, Saipem SpA, RWE AG, Nigerian National Petroleum Corporation, Saudi Arabian Oil, China Petroleum and Chemical Corporation (Sinopec), Kuwait Petroleum Corporation, Imperial Oil, and OAO Lukoil
Recent Industry Business News
- Libya’s Arab Gulf Oil Company paused production in Libya due to attacks on pumps in the area.
- BP and Roseneft will continue talks about a share-swapping deal for access to oil in the Russian arctic.
- Exxon states that licenses for three oil blocks in Nigeria were granted based on a deal made in 2009, but Nigeria claims the licenses must be renewed.