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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,[1] with developed nations being the largest consumers. The United States consumed 18% of the oil produced in 2015.[2] 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.[3] 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]
1 Saudi Aramco 260 254 303 Saudi Aramco 12.5
2 NIOC 138 948 300 NIOC 6.4
3 Qatar Petroleum 15 905 170 ExxonMobil 5.3
4 INOC 116 120 134 PetroChina 4.4
5 PDVSA 99 171 129 BP 4.1
6 ADNOC 92 199 126 Royal Dutch Shell 3.9
7 Pemex 102 56 111 Pemex 3.6
8 NNPC 36 184 68 Chevron 3.5
9 NOC 41 50 50 Kuwait Petroleum Corporation 3.2
10 Sonatrach 12 159 39 ADNOC 2.9

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.

Global commodity traders seek to identify and respond to supply and demand differentials between linked markets. They use arbitrage to trade physical commodities without incurring price risk. They hedge price exposure using exchange-traded contracts and over-the-counter instruments.