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Oil as Resource

Oil as Resource

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Published by Zarko Cekovski
Short summary on oil as a resource.
Short summary on oil as a resource.

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Categories:Types, School Work
Published by: Zarko Cekovski on Mar 29, 2014
Copyright:Traditional Copyright: All rights reserved

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12/08/2014

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The significance of oil as a resource
Oil production
In 2013 global oil production was around 94mil bbl/d (barrels per-day). Oil producing countries are divided into OPEC(Qatar,
 
Libya, Ecuador) and non-OPEC(US, Russia, Norway) countries. OPEC oil production averaged at 30.0 million bbl/d in 2013, a drop from the previous year, primarily reflecting increased outages in Libya, Nigeria, and Iraq. Non-OPEC oil production averaged about 54 million bbl/d in 2013.
Oil extraction
Oil reserves are divided into conventional and unconventional
 
Conventional
.
Oil that comes in liquid form which is transportable and possible to refine. It represents the form that is the most desirable to extract since it is of high quality.
 
Unconventional
.
Oil that comes in other forms that is much more difficult to extract, let it be in deep waters or as oil shale, and of lower quality.
Oil consumption
Gasoline
The largest industrial use of oil is standard gasoline and diesel. Any industry that needs to move something from one place to another uses gasoline to do so.
Residual Oil
Residual oil is used for things like plastic bags, asphalt, polyester and makeup. Global oil consumption in 2013 averaged at about 96 million barrels per day.

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