Kuwaiti oil firesThe Kuwaiti oil fires were caused by the Iraqi military setting fire to a reported 605 to 732 oil wells along with an unspecified number of oil filled low-lying areas, such as oil lakes and fire trenches, as part of a scorched earth policy while retreating from Kuwait in 1991 due to the advances of US-led coalition forces in the Gulf War. The fires were started in January and February 1991, and the first oil well fires were extinguished in early April 1991, with the last well capped on November 6, 1991.
BPBP p.l.c. (formerly The British Petroleum Company p.l.c and BP Amoco p.l.c) is a British multinational oil and gas company headquartered in London, England. It is one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.
Standard OilStandard Oil Company, Inc., was an American oil production, transportation, refining, and marketing company that operated from 1870 to 1911. At its height, Standard Oil was the largest petroleum company in the world, and its success made its co-founder and chairman, John D. Rockefeller, among the wealthiest Americans of all time and among the richest people in modern history. Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled that it was an illegal monopoly.
Price of oilThe price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century.
KuwaitKuwait (kʊˈweɪt; الكويت al-Kuwayt, ɪl‿ɪkweːt or lɪkweːt), officially the State of Kuwait (دولة الكويت ), is a country in the Middle East. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the north and Saudi Arabia to the south. Kuwait also shares maritime borders with Iran. Kuwait has a coastal length of approximately . Most of the country's population reside in the urban agglomeration of the capital and largest city Kuwait City. , Kuwait has a population of 4.
Petroleum industryThe petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (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.
QatarQatar (UKˈkætɑr,_ˈkʌt-,_ˈgæt-,_ˈgʌt-,_kæˈtɑr,_gæ-,_kə-, USˈkɑːtɑr,_kəˈtɑr; Arabic: قطر, romanized: Qaṭar ˈqɑtʕɑr; local vernacular pronunciation: ˈɡɪtʕɑr), officially the State of Qatar, is a country in West Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it shares its sole land border with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. The Gulf of Bahrain, an inlet of the Persian Gulf, separates Qatar from nearby Bahrain.
Arab SpringThe Arab Spring (ar-rabīʻ al-ʻarabī) was a series of anti-government protests, uprisings and armed rebellions that spread across much of the Arab world in the early 2010s. It began in Tunisia in response to corruption and economic stagnation. From Tunisia, the protests then spread to five other countries: Libya, Egypt, Yemen, Syria and Bahrain. Rulers were deposed (Zine El Abidine Ben Ali of Tunisia in 2011, Muammar Gaddafi of Libya in 2011, Hosni Mubarak of Egypt in 2011, and Ali Abdullah Saleh of Yemen in 2012) or major uprisings and social violence occurred including riots, civil wars, or insurgencies.
Peak oilPeak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
PetroleumPetroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure.
