Concept
World oil market chronology from 2003
Related concepts (9)
Oil and gas reserves and resource quantification
Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established.
Price of oil
The 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.
BP
BP 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.
Peak oil
Peak 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.
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ˈoʊpɛk ) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). The 13 member countries account for an estimated 30 percent of global oil production and 80 percent of the world's proven oil reserves.
Petroleum industry
The 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.
1973 oil crisis
In October 1973, the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by King Faisal of Saudi Arabia, proclaimed an oil embargo targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher.
Bitumen
Bitumen (ˈbɪtjʊmɪn, bɪˈtjuːmən,_baɪ-) is a sticky, black, highly viscous liquid or semi-solid form of petroleum. In the U.S., it is commonly referred to as asphalt. It may be found in natural deposits or may be a refined product, and is classed as a pitch. Before the 20th century, the term asphaltum was also used. The word is derived from the ancient Greek ἄσφαλτος ásphaltos. The largest natural deposit of bitumen in the world, estimated to contain 10 million tons, is the Pitch Lake in southwest Trinidad.
Vladimir Putin
'Vladimir Vladimirovich Putin' (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012. Putin has held continuous positions as president or prime minister since 1999: as prime minister from 1999 to 2000 and from 2008 to 2012, and as president from 2000 to 2008 and since 2012. Putin worked as a KGB foreign intelligence officer for 16 years, rising to the rank of lieutenant colonel before resigning in 1991 to begin a political career in Saint Petersburg.