Oil & Gas

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 . The industry is usually divided into three major components:  upstream ,  midstream , and  downstream . Upstream regards exploration and extraction of  crude oil , midstream encompasses transportation and  storage  of crude, and downstream concerns refining crude oil into various  end products .

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 .