Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is a fossil fuel, and is one of the most important sources of energy for industrial and commercial use. Crude oil is typically extracted from underground reservoirs, and is then refined into various forms of fuel, such as gasoline, diesel, and jet fuel. It is also used to produce a variety of other products, including plastics, lubricants, and asphalt.
The crude oil market is highly competitive, with a variety of players involved in the production, transportation, and sale of the commodity. Major oil-producing countries, such as Saudi Arabia, Russia, and the United States, are the largest suppliers of crude oil. Other countries, such as Canada, Mexico, and Venezuela, are also major producers. Oil companies, such as ExxonMobil, Chevron, and BP, are involved in the exploration, production, and sale of crude oil. Refineries, such as Valero and Marathon Petroleum, are responsible for refining crude oil into various products. Finally, oil traders, such as Vitol and Trafigura, are responsible for the purchase and sale of crude oil on the global market. Show Less Read more
