MAJOR CONTRIBUTOR TO GLOBAL TRADE DATA – CRUDE OIL
CRUDE OIL INDUSTRY IN THE GLOBAL WORLD Crude oil is a type of unrefined oil that is formed from the deposits of hydrocarbons and other organic things which are derived from the dead remains of plants and animals. These plants and animals stayed beneath rocks and stones and after getting covered with various types of things, they turned into fossil fuels. These are then transformed into various petroleum products like diesel, petrol, and kerosene which are widely used. Crude oil is listed in the list of the major traded commodities in the world. In the year 2021, the total market of crude oil touched a record high of USD 1400 billion. This tends to increase and reach USD 1610 billion by 2029. In the year 2019, crude oil was the topmost traded product in the world which dominated the Global Trade Data and Import-Export Data of any country. The top exporters of crude oil in 2019 were: · Saudi Arabia (USD 145 billion) · Russia (USD 123 billion) · Ira