1. What is Crude oil A naturally occurring, unrefined petroleum
product composed of hydrocarbon deposits. Crude oil can be refined
to produce usable products such as gasoline, diesel and various
form of petrochemicals. Types:Brent crude,WTI(West Texas
Intermediate ,dubai and Oman crude(according to sulphur content and
API gravity) Uses of Crude oil Some of the uses of crude oil
include making a variety of fuels such as gasoline, diesel fuel,
jet fuel and bunker fuel. Products obtained from crude oil
2. TOP 10 COUNTRIES WITH WORLDS BIGGEST OIL RESERVES 1.
Venezuela 2. Saudi Arabia 3. Canada 4. Iran 5. Iraq 6. Kuwait 7.
United Arab Emirates 8. Russia 9. Libya 10. Nigeria India ranks
23rd in the oil reserves countries
3. Waterborne Transportation: Crude oil tankers are used to
transport crude oil from fields in the Middle East, North Sea,
Africa, and Latin America to refineries around the world. Oil
Spills: Although they get most of the publicity, oil spills only
account for 12% of all spills. Oil Pipelines: Liquids Pipeline
Pipelines are the most efficient method to transport crude oil and
refined products.
4. The Organisation for Economic Co-operation and Development
(OECD) (French: Organisation de coopration et de dveloppement
conomiques, OCDE) is an international economic organisation of 34
countries founded in 1961 to stimulate economic progress and world
trade Founder countries.high Income economies and high HDI Austria
Belgium Canada Denmark France Germany Greece Iceland Ireland Italy
Luxembourg The Netherlands Norway Portugal Spain Sweden Switzerland
Turkey United Kingdom United States
5. OPEC (/opk/ OH-pek) (Organization of the Petroleum Exporting
Countries) is an oil cartel whose mission is to coordinate the
policies of the oil-producing countries. The goal is to secure a
steady income to the member states and to secure supply of oil to
the consumers OPEC has twelve member countries: six in the Middle
East, four in Africa, and two in South America MAJOR oil producing
countries
6. The Indian oil and gas (O&G) sector is projected to
touch US$ 139,814.7 million by 2015 from US$ 117,562.9 million in
2012. The sector provides vast opportunities for investors. The New
Exploration Licensing Policy (NELP) of 199798 was envisioned to
deal with the ever-growing gap between demand and supply of gas in
India. Most of India's crude oil reserves are located in the
western coast (Mumbai High) and in the northeastern parts of the
country, although considerable undeveloped reserves are also
located in the offshore Bay of Bengal and in the state of
Rajasthan. Indias state-owned Oil and Natural Gas Corporation is
the largest oil company. ONGC is the leading player in Indias
upstream sector, accounting for roughly 75% of the countrys oil
output during 2006, as per Indian government estimates.
7. India imports more than 70% of its oil needs from several
different countries with Saudi Arabia and Iran topping the list.
India spent $144.293 billion or Rs 7,84,652 crore in 2012-13
fiscal, up from $139.69 billion (Rs 6,72,220 crore) in the previous
financial year, 2011-12. Besides crude oil, India also imported
6.36 mt of petroleum products, mostly LPG, in the first five months
of the current fiscal, the data showed.
8. Demand Supply Consumptions Reserves decline US dollar
devaluation Peak oil Oil spills Climatic disasters Geopolitical
events(eg:Israel and lebanon conflicts) Wars Demand for substitutes
Subsidies Market speculations
9. GDP Stock market Inflation Currency Agricultural sector food
fertilizers Hospitality sector airlines restaurants Cruises
Automobile sector types of engine tyre production
10. India one of the major consumer Fiscal deficit Current
account deficit Rupee devaluation subsidies
11. "The credit quality of OMCs in India is likely to weaken
for the rest of 2013-14, if the government continues to ask them to
share a higher burden of the country's fuel subsidies Shale oil-(26
years of gas requirement according to EIA) Latest news: Prime
Minister request oil companies to drill in India but industry
leader worried about contractual regime. Petrol and diesel price
hikes
12. Domestic explorations Energy conservation Bio-Fuels
,ethanol and other substitutes Wind power
13. Nuclear power Hydrogen Energy Solar Energy Policy framework
Electricity trading with neighboring countries
14. It will be good if the answer considers following issues :
Government Policies Petrol price split Oil Industry Structure Way
forward