Iraq Oil Industry has got one of the biggest reserves of oil in the whole world and the economy is very much dependent on the export of Oil. But in spite of this favorable condition Iraq Oil Industry is going through a very lean patch because of the political turmoil that is taking place in Iraq which includes the wars and that has caused a kind of depression in the Iraqi economy.
The World Oil Balance has traditionally been a skewed one. While certain regions in the world have high supply of crude oil many other regions have very low or no reserves. The Middle-East has the bulk of the reserves and most countries in this region have surplus supply of crude oil. However there are many countries whose demands for oil are much higher than what they can internally supply and hence need to import oil from the oil exporting nations.
Becoming familiar with the components that affect petrol prices makes it easier to understand price swings and the retail pricing of petrol. This includes the forces supply and demand, exploration, processing and logistics issues, taxes and political volatility. At times, even temporary maintenance at refineries or oil pipelines can reduce oil supplies and lead to sudden surge in a region’s local gas and petrol prices.
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The processing of crude oil includes:
