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[[File:World proven crude oil reserves by region, 2019.png|alt=A graph showing 2019 data about the world's proven crude oil reserves. The Middle East tops the chart at 48.3% of the world's total. South and Central America stands at 18.8%. Next follows: North America (13.7%), Russia and CIS (8.4%), Africa (7.2%), Asia/Pacific (2.8%) and Europe (0.8%). Additional information is included showing the percentage of the regional totals held by particular countries and the OPEC members' share of the world total.|thumb|A chart depicting the world's proven crude oil reserves by region in 2019. ]] | ''"Oil" redirects here. For other uses, see [[Oil (disambiguation)]].''[[File:World proven crude oil reserves by region, 2019.png|alt=A graph showing 2019 data about the world's proven crude oil reserves. The Middle East tops the chart at 48.3% of the world's total. South and Central America stands at 18.8%. Next follows: North America (13.7%), Russia and CIS (8.4%), Africa (7.2%), Asia/Pacific (2.8%) and Europe (0.8%). Additional information is included showing the percentage of the regional totals held by particular countries and the OPEC members' share of the world total.|thumb|A chart depicting the world's proven crude oil reserves by region in 2019. ]] | ||
'''Petroleum''', also known as '''crude oil''' or simply as '''oil''' in its liquid state, is a substance mainly consisting of [[Hydrocarbon|hydrocarbons]], formed by the decomposition of organic material over time. While referred to as crude oil in its liquid form, broader definitions of petroleum can also refer to [[natural gas]] or [[bitumen]].<ref>{{Citation|year=1990|title=Petroleum fundamentals glossary|title-url=https://archive.org/details/petroleumfundame0000unse/page/19/mode/1up|publisher=The University of Texas at Austin}}</ref><ref>{{Citation|author=Wilbur Cross|year=1983|title=Petroleum|title-url=https://archive.org/details/petroleum00cros/}}</ref><ref name=":0">{{Web citation|newspaper=National Geographic|title=Petroleum|url=https://education.nationalgeographic.org/resource/petroleum/}}</ref> Petroleum is widely used in the manufacturing of thousands of products as well as being burned as a source of fuel.<ref name=":0" /> It is a [[fossil fuel]] and a [[Non-renewable resources|non-renewable]] [[Natural resource|resource]].<ref name=":0" /> Petroleum is a strategically significant resource due to a variety of considerations, including its material qualities as well as its function in the [[petrodollar]] system.<ref>{{Web citation|author=Prabhat Patnaik|newspaper=MR Online|title=Oil and the world economy|date=2026-04-07|url=https://mronline.org/2026/04/07/oil-and-the-world-economy/}}</ref> | '''Petroleum''', also known as '''crude oil''' or simply as '''oil''' in its liquid state, is a substance mainly consisting of [[Hydrocarbon|hydrocarbons]], formed by the decomposition of organic material over time. While referred to as crude oil in its liquid form, broader definitions of petroleum can also refer to [[natural gas]] or [[bitumen]].<ref>{{Citation|year=1990|title=Petroleum fundamentals glossary|title-url=https://archive.org/details/petroleumfundame0000unse/page/19/mode/1up|publisher=The University of Texas at Austin}}</ref><ref>{{Citation|author=Wilbur Cross|year=1983|title=Petroleum|title-url=https://archive.org/details/petroleum00cros/}}</ref><ref name=":0">{{Web citation|newspaper=National Geographic|title=Petroleum|url=https://education.nationalgeographic.org/resource/petroleum/}}</ref> Petroleum is widely used in the manufacturing of thousands of products as well as being burned as a source of fuel.<ref name=":0" /> It is a [[fossil fuel]] and a [[Non-renewable resources|non-renewable]] [[Natural resource|resource]].<ref name=":0" /> Petroleum is a strategically significant resource due to a variety of considerations, including its material qualities as well as its function in the [[petrodollar]] system.<ref>{{Web citation|author=Prabhat Patnaik|newspaper=MR Online|title=Oil and the world economy|date=2026-04-07|url=https://mronline.org/2026/04/07/oil-and-the-world-economy/}}</ref> | ||
Revision as of 01:14, 20 April 2026
"Oil" redirects here. For other uses, see Oil (disambiguation).
Petroleum, also known as crude oil or simply as oil in its liquid state, is a substance mainly consisting of hydrocarbons, formed by the decomposition of organic material over time. While referred to as crude oil in its liquid form, broader definitions of petroleum can also refer to natural gas or bitumen.[1][2][3] Petroleum is widely used in the manufacturing of thousands of products as well as being burned as a source of fuel.[3] It is a fossil fuel and a non-renewable resource.[3] Petroleum is a strategically significant resource due to a variety of considerations, including its material qualities as well as its function in the petrodollar system.[4]
Crude oil (and natural gas) can be found in underground reservoirs, which are found by analyzing geological structures that typically trap petroleum, and engaging in processes such as seismic reflection and exploratory drilling. When oil is found and extracted, different mixtures of materials such as sulfur and sand are typically present in the oil, which are later removed in the refining process.[3]
See also
References
- ↑ Petroleum fundamentals glossary (1990). The University of Texas at Austin.
- ↑ Wilbur Cross (1983). Petroleum.
- ↑ 3.0 3.1 3.2 3.3 "Petroleum". National Geographic.
- ↑ Prabhat Patnaik (2026-04-07). "Oil and the world economy" MR Online.