The price of oil has collapsed recently, with U.S. oil prices turning negative for the first time in history.
The key causes? The sudden fall in economic activity caused by global lockdowns in response to the coronavirus pandemic, and the oil war between Russia and the kingdom of Saudi Arabia.
Where are the world’s oil reserves?
Saudi Arabia doesn’t have the most oil — Venezuela does!
Which countries export oil?
Saudi Arabia is king
Which countries consume the most oil?
The United States guzzles oil
How big is the global oil market?
Bigger than all raw metal markets combined, with gold and Iron on second and third place
A century of oil prices
The price of oil fluctuates depending on global events
The top 10 oil companies
China, Russia, the United States and the UK have two each, France and Saudi Arabia have one
Oil isn’t just produced on land
Where the Gulf of Mexico reigns supreme
What are the main oil shipping routes?
The Strait of Hormuz dominates
How big are oil tankers?
Long Range (LR) tankers can carry 120,000 deadweight tonnage (DWT)
Projected future global oil consumption
Oil will make up 28% of the global energy mix in 2040, with natural gas and coal to follow in second and third place.
What can be made from oil?
A single barrel can make everything from petrol to dustpans