Oil is the most efficient source of energy in the world today. There is major oil deposits in South West Asia, U.S.A., Soviet Union, Europe and the North Sea, respectively. Petroleum and natural gas and their products are the most important commodities in international trade today.
It is a global industry, wherein prices are reported almost exclusively in international terms. South West Asia has largest deposit of petroleum and natural gas. The first oil well was dug near Titusville ( Pennsylvania ) north of Pittsburg. Subsequently oil was found in Romania and Russia, near Caspian Sea-Baku ( Azerbaijan ). At present over 50 per cent of the oil is found in the countries of South-West Asia. The leading oil-producing countries of this region are Saudi Arabia, Iran, Iraq, Kuwait, UAE, Qatar, Bahrain, Oman and Abu Dhabi.
The oil producing countries raised the price of petroleum rapidly in 1974 which led to energy crisis in the world.
Organization of Petroleum Exporting Countries ( OPEC ) - was established in 1960. OPEC Headquarters is in Vienna , Ausria.
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The OPEC countries include
1. Angola, 2.Algeria, 3.Iran, 4.Iraq, 5.Kuwait, 6.Indonesia, 7.Libya, 8.Nigeria, 9.Qatar, 10.Saudi Arabia, 11.UAE, 12.Venezuela. The other oil exporting countries include Mexico and Russia.
Role of OPEC is to co ordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient , economic and regular supply of petroleum to countries
Natural Gas : Natural gas is one of the important source of energy. Natural gas burns clean and is easy to use, and relatively cheap to buy. Its storage and distribution is, however complicated. It is found either separately or with crude oil.
The leading producers of natural gas are United States followed by Russia, Iran, Canada, Qatar, China, Norway, Australia, etc. So far as the consumption of natural gas is concerned, USA followed by Russia, China and Iran.
In USA major natural gas deposits lie in Arkansas, California, Colorado, Houston, Indiana, Kansas, Louisiana, Montana, Ohio, Oklahoma, Pennsylvania, Texas, and West Virginia. In Europe, North Sea, Italy, Germany, France, Poland, Romania, and Ukraine have rich deposits of natural gas. The distribution of important mineral resources of Australia includes natural gas and petroleum. Australia, a country with small population, is quite endowed with coal, iron-ore, copper, gold, silver, lead, uranium, platinum, tin, and zinc. Australia is one of the important exporters of basic minerals and energy resources.
Liquid Petroleum Gas (LPG): As we know LPG is the main source of energy for cooking and have other uses also. LPG mainly constitute of mixture of isoprene and butane . LPG has very wide variety uses mainly used for cylinders across many different markets as an efficient fuel container in the agricultural , recreation , hospitality , calefaction , construction sailing and fishing sectors .It can serve as fuel for cooking , central heating and to water heating and it is a particularly cost effective and efficient way to water heat off-grid homes . Around 60% of the Liquified Petroleum gas comes from the extraction of natural gas and oil from the earth. The other 40% is produced through the refining of crude oil , ie. fractional distillation of crude oil using an LPG manufacturing process (LPG production process).