Crude Oil Company

Crude Oil Company refers to a company that deals with production and marketing of petroleum, or crude oil. Crude oil is also known as oil, fossil oil, fossil fuel, or rock oil. It is basically a mixture of liquid hydrocarbon compounds with some impurities in it such as oxygen, sulfur, and nitrogen.

The crude oil companies deal with the various procedures of exploration, refining, transportation, and marketing activities of crude oil. Crude oil, or petroleum, is one of the most important mineral fuels in the world.

The formation of crude oil and natural gas takes place from the decomposition of plants and organisms.

Crude oil companies find the sources of crude oil and then bring it out with various drilling and other kinds of extraction devices.

The crude oil industry, or petroleum industry, has evolved into the most important industry of the world. The crude oil industry can be broadly categorized into two types:

• The upstream producers: The upstream business deals with oil exploration, development, and production of crude oil, as well as natural gas.
• The downstream transporters: The downstream business deals with transportation of crude oil. The transportation of crude oil is done with the help of pipeline transports and tankers.

There is another sector which is known as the midstream sector, which deals with processing, storing, transporting, and marketing of crude oil.

The process of crude oil exploration is done with the help of advanced technology.

Crude oil can be classified into the following types, based on the area of its origin:

Brent crude (North Sea)
Dubai (Middle East)
Tapis (Malaysia)
Minas (Indonesia)


The OPEC Reference Basket: Oil blends of different OPEC (Organization of the Petroleum Exporting Countries)

West Texas Intermediate (WTI) for oil of North America

Crude oil is used as fuel in the following forms:

• Liquid petroleum gas (LPG)
• Ethane and other short-chain alkanes that are utilized as fuel
• Fuel oils
• Gasoline
• Jet fuel
• Kerosene
• Diesel fuel

The by-products of crude oil are also used for a variety of purposes such as producing plastics, lubricants, wax, asphalt, paraffin wax, sulfuric acid, etc.

The following are the leading crude oil producing countries:

• Saudi Arabia
• United States
• Russia
• China
• Venezuela
• Iran
• Norway
• Kuwait
• Mexico
• Canada
• United Arab Emirates
• Nigeria
• Iraq
• United Kingdom

The leading crude oil companies of the world include the following:

• Iraq National Oil Company
• China National Petroleum Corporation
• Saudi Arabian Oil Company
• ExxonMobil
• Royal Dutch Shell
• Kuwait Petroleum Corporation
• Valero
• BP Amoco+ Arco
• Chevron+Texaco
• Petroleos de Venezuela
• Petroleos Mexicanos
• Nigerian National Petroleum Company