World Oil Industry

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An Introduction to World Oil Industry

World Oil Industry is a big market where millions of dollars are associated and lots of country’s economy is very much dependent on the oil industry in their respective countries. The World Oil Industry not only includes petroleum or crude oil but also has other kind of edible oil as well.

The World Oil Industry is very much dependent on the amount of supply they get from various countries which provide oil of both kind. It has been observed that the crude oil industry is very much dependent upon the major crude oil producing countries like Saudi- Arab, Venezuela, Iran, Iraq and many more.

It has already been observed that if one of these countries stop production of crude oil , the price in the world market goes upward immediately. During the war between America and Iraq or between Iran and Iraq the price of oil touched record height and put people under immense pressure.

One can also see that most of oil producing countries are also looking to follow the conservation policy and this is also making the World Oil Industry face difficult times.

Edible oil has no longer remained in usage in few things but is used for multiple purposes and in this case also countries like Malaysia and Indonesia earn a lot of foreign currency through this business and they also export a great amount of edible oil to other countries as well.

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