TRADING OIL & GAS
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The extreme monetary value of oil and its products has led to it being known as "black gold". The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream deals with Drilling and Production mainly. Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East. Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 36 billion barrels (5.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 18% of the oil produced in 2015. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value. Governments such as the United States government provide a heavy public subsidy to petroleum companies, with major tax breaks at virtually every stage of oil exploration and extraction, including the costs of oil field leases and drilling equipment. In recent years, enhanced oil recovery techniques — most notably multi-stage drilling and hydraulic fracturing ("fracking") — have moved to the forefront of the industry as this new technology plays a crucial and controversial role in new methods of oil extraction.
Top 10 largest world oil companies by reserves and production
|Rank||Company (Reserves)||Worldwide Liquids Reserves (109 bbl)||Worldwide Natural Gas Reserves (1012 ft3)||Total Reserves in Oil Equivalent Barrels (109 bbl)||Company (Production)||Output (Millions bbl/day)|
|1||Saudi Aramco||260||254||303||Saudi Aramco||12.5|
|6||ADNOC||92||199||126||Royal Dutch Shell||3.9|
|9||NOC||41||50||50||Kuwait Petroleum Corporation||3.2|
Largest Refinery Worldwide-
|No.||Name of refinery||Location||Barrels per day|
|1||Jamnagar Refinery (Reliance Industries Limited)||Jamnagar, Gujarat, India||World's Largest Refineries|
|2||Paraguana Refinery Complex (PDVSA)||Punto Fijo, Falcón, Venezuela||940,000|
|3||SK Energy Ulsan Refinery (SK Energy)||Ulsan, South Korea||850,000|
|4||Ruwais Refinery (Abu Dhabi National Oil Company)||Ruwais, UAE||817,000|
|5||Yeosu Refinery (GS Caltex)||Yeosu, South Jeolla, South Korea||730,000|
|6||Onsan Refinery (S-Oil)||Ulsan, South Korea||669,000|
|7||Jurong Island Refinery (ExxonMobil||Jurong Island, Singapore||605,000|
|8||Port Arthur Refinery (Saudi Aramco)||Port Arthur, Texas, United States||635,000|
|9||Galveston Bay Refinery (Marathon Petroleum)||Texas City, Texas, United States||585,000|
|10||Baytown Refinery (ExxonMobil)||Baytown, Texas, United States||560,500|
|11||Garyville Refinery (Marathon Petroleum)||Garyville, Louisiana, United States||556,000|
|12||Ras Tanura Refinery (Saudi Aramco)||Ras Tanura, Saudi Arabia||550,000|
|13||Baton Rouge Refinery (ExxonMobil)||Baton Rouge, Louisiana, United States||540,000|
|14||Shell Pulau Bukom Refinery (Royal Dutch Shell)||Bukom Island, Singapore||500,000|
|15||Abadan Refinery (NIOC)||Abadan, Iran||450,000|
D Lat Ship Management & Trading LLP Supply -
1. Very light oils
these include: Jet Fuel, Gasoline, Kerosene, Petroleum Ether, Petroleum Spirit, and Petroleum Naphtha. They tend to be very volatile, evaporating within a few days which in turn evaporate their toxicity levels.
2. light oils
These include Grade 1 and Grade 2 Fuel Oils, Diesel Fuel Oils as well as Most Domestic Fuel Oils. They are both moderately volatile and toxic.
3. Medium oils
These are the most common types of Crude Oil. They generally have low volatility and a higher viscosity than the light oils which leads to higher toxicity and a greater environmental impact during cleanups.
4. Heavy fuel oils
These include the heaviest Grade 3,4,5 and 6 Fuel Oils along with Heavy Marine Fuels. These are the most viscous and least volatile Crude Oils as well as the most toxic.