Many would argue that oil is the engine of the world. If this sounds like an exaggeration, you probably can’t deny that oil supports worldwide economic activity and growth. Although there is an increase in ecological energy solutions, oil-and gas companies seem not to have lost ground during the pandemic.
This blog will provide you with valuable information to help you navigate 2023’s oil market and develop strategies that are aligned with financial goals.
These are some facts about oil
In today’s industrialised economy, both crude oil (petroleum), as well as its refined components (known as petrochemicals), play a critical role. Oil was used in Mesopotamia’s ancient constructions, and others to waterproof their boats more than four thousand years ago.
Native Iroquois people used oil to make repellents and war paints in the US. Many years later (1859), the Seneca Oil Company drilled America’s first commercial oil well in Pennsylvania. According to the US Energy Information Administration, Russia, Saudi Arabia and the US are the three top oil-producing countries.
WTI crude oil and Brent crude oil: What’s the difference?
You can scan a list of commodities to find out…