1 What Process Makes Nitrogen Available To Plants And Animals 5 Facts About Crude Oil That You Should Know

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5 Facts About Crude Oil That You Should Know

If you are interested in knowing about one of the most used commodities called crude oil, you are on the right page. There is much to know about this commodity, such as its global use, trade decisions and origins. Let’s take a look at some of the important facts.

1) It is a natural resource

Basically, crude oil is a natural product, which consists of little sulphur, oxygen, nitrogen and more hydrocarbons. It is formed from what is left of small animals and plants under the earth’s surface after millions of years. Many natural factors such as pressure and heat turn waste into oil.

Based on the type of oil and the method of extraction, you can classify it as heavy, extra heavy, medium or light.

2) Crude oil is used in production processes

Crude oil is on the list of the most important energy sources on the planet. It burns to produce heat as a fuel. In addition, it is used in asphalt, lubricants, waxes and many other petrochemicals. These products are then used and made into other products such as clothes and plastics.

It is amazing to know that everything we see around us relies on crude oil during the production process.

3) 5 countries produce 50% of the oil used around the globe

In 2017, Saudi Arabia, the US, Iran, Russia and Canada produced about 46 million of the 92 million barrels of oil. The rest of the oil is produced from other countries of the world.

The price of this product is affected by many factors, such as political uncertainty and weather. For example, in severe weather, it is not possible to extract oil from the ground, which can result in product shortages. As a result, prices rise. Therefore, experts take these factors into account to ensure that there is no shortage of oil.

4) Daily consumption

The width, length, and depth of an Olympic-sized pool are 25 meters, 50 meters, and 2 meters, respectively. To fill such a pool, it could take up to 1,577 barrels of crude oil. You will be surprised to know that this is the amount of oil consumed in the world in two minutes.

Now, if traders realize that the use of oil is increasing, it gives them the indication that the demand for the commodity will increase. So, crude oil is considered an indicator of the economic health of the world. In a strong economy, oil use continues to grow.

5) US daily consumption

In the US, the daily import of oil is 8 million barrels. While the US tops the list in terms of oil production, it still imports about 8 million barrels per day. There are two reasons behind it. First, oil consumption in the US is relatively higher than other countries. Second, not all the oil the country produces is at the right level.

So these are 5 facts about crude oil that might interest you.

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