A review of historical oil prices shows that oil displays wide price swings when markets suffer from scarcity or oversupply. The price cycle of crude oil ranges from a small duration to several years.
From 1948 to 1970, oil prices remained stable at around $3 per barrel. A major development was the formation of OPEC in 1960; consisting of Iraq, Iran, Saudi Arabia, Kuwait and Venezuela.
Gasoline is a complex liquid mixture that is processed from petroleum. Among Commonwealth nations, it is known as petrol. It consists of more than 500 hydrocarbons which have five to twelve carbon atoms per molecule. To enhance its performance and reduce emissions, small quantities of alkane cyclic and aromatic compounds, such as toluene and benzene, are added to petrol. It also boosts its octane rating, which is gasoline’s measure of resistance.
Any combustible substance that generates heat, power and energy when ignited can be classified as a fuel. Coal, wood, petrol and diesel are good examples of commonly used fuels.
Heavy commercial fuels obtained from crude oil are called fuel oil. Some facts about fuel oil are:
Fuel can be classified into the following categories:
Simply put, peak oil is a term that reminds us that our world oil reserves are nonrenewable. Doomsday proponents have long been warning us that we’ve reached peak oil and we will wake up one day and find that there is no more oil left in the world. How far is this day and how will it affect us? Are we doing anything to delay it?
As per reports of Iran oil and gas industry, China National Petroleum Corporation, which is a major oil and gas company in China, has inked a deal for developing an Iranian oil field at north Azadegan.
As per predictions of Bank Melli Iran, oil and gas industry of Iran would amount to 15.44 percent of demand for oil in middle east by 2013. This forecast also says that by that time oil and gas industry in Iran would be able to provide 15.17 percent of oil supply coming from middle east region.
Latest news of China oil and gas industry
Present condition of companies within China oil and gas industry is not exactly good as most companies are expecting losses. Petroleum and Chemical Corporation (Sinopec), biggest refinery in Asia with regard to output, expects that there would be a drop of over 50 percent in net profits that have been accrued in 2008. Much of this could be attributed to heavy losses it has suffered in refining activities.
