Oil Industry

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 world economy.

It has acted as a challenge before the global economic scenario. There is fast growing oil consumption in the non-OECD 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.

The following tables show the largest oil companies both by production and reserves as of the year 2003.

The Largest Oil Companies 2003

By Production (Barrels Per Day)

Company Name	Country	Production
Exxon Mobil	USA	2,542
Royal Dutch Shell	UK/Netherlands	2,220
Chevron Texaco	USA	1,959
British Petroleum Amoco	UK	1,931
Yukos	Russia	1,507
Total Fina ELF	France	1,454
Lukoil	Russia	1,200
Conoco Phillips	USA	1,019
Surgutneftegas	Russia	884
ENI	Italy	857

By Reserves (Millions of Barrels)

Company Name	Country	Production
Lukoil	Russia	17,360
Yukos	Russia	17,281
Gazprom	Russia	14,902
Exxon Mobil	USA	12,312
Royal Dutch Shell	UK/Netherlands	9,469
Chevron Texaco	USA	8,710
British Petroleum Amoco	UK	8,376
Tyumen	Russia	7,300
Total Fina Elf	France	6,961
Surgutneftegas	Russia	6,642

Source: Forbes Magazine, 2003.

Oil Industry

The Largest Oil Companies 2003

By Production (Barrels Per Day)

By Reserves (Millions of Barrels)

The Oil Industry in Detail

Oil Jobs

World Oil Industry