Petroleum (L.petroleum, from early 15c. "petroleum, rock oil" (mid-14c. in Anglo-French), from Medieval Latin petroleum, from Latin:petra: "rock" + oleum: "oil".) is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface, which is commonly refined into various types of fuels.
Petroleum is recovered mostly through oil drilling (natural petroleum springs are rare). This comes after the studies of structural geology (at the reservoir scale), sedimentary basin analysis, reservoir characterization (mainly in terms of the porosity and permeability of geologic reservoir structures). It is refined and separated, most easily by distillation, into a large number of consumer products, from gasoline (petrol) and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals. Petroleum is used in manufacturing a wide variety of materials, and it is estimated that the world consumes about 90 million barrels each day.
Like Wang's debut feature — the nine-hour Tie Xi Qu: West of the Tracks — Crude Oil is notable for its extreme length, running 840 minutes (14 hours). The original plan called for a 70-hour film, but Wang felt compelled to exert additional editorial control and reduced the work to its present length. The director himself came down with severe altitude sickness and left the location three days into the one-week shoot; his crew completed the remainder without him.
Crude Oil premiered (in a video installation setting) at the 2008 International Film Festival Rotterdam, where it received a "Special Mention" for "its dispassionate expose of the hardship of human labour which is the basis of economic progress." The project was commissioned by the IFFR, with additional support from the Hubert Bals Fund. It had its Asian premiere at the 2008 Hong Kong International Film Festival. Its North American premiere was at The Los Angeles Film Festival in June 2009, with screenings held in Gallery 6 at the Hammer Museum.
Peak oil, an event based on M. King Hubbert's theory, is the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. Peak oil theory is based on the observed rise, peak, fall, and depletion of aggregate production rate in oil fields over time. It is often confused with oil depletion; however, peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply.
Oil production forecasts on which predictions of peak oil are based are often made within a range which includes optimistic (higher production) and pessimistic (lower production) scenarios. Optimistic estimations of peak production forecast the global decline will begin after 2020, and assume major investments in alternatives will occur before a crisis, without requiring major changes in the lifestyle of heavily oil-consuming nations. Pessimistic predictions of future oil production made after 2007 stated either that the peak had already occurred, that oil production was on the cusp of the peak, or that it would occur shortly.
The extraction of petroleum is the process by which usable petroleum is extracted and removed from the earth.
Locating the oil field
Geologists use seismic surveys to search for geological structures that may form oil reservoirs. The "classic" method includes making an underground explosion nearby and observing the seismic response that provides information about the geological structures under the ground . However, "passive" methods that extract information from naturally-occurring seismic waves are also known.
Other instruments such as gravimeters and magnetometers are also sometimes used in the search for petroleum. Extracting crude oil normally starts with drilling wells into the underground reservoir. When an oil well has been tapped, a geologist (known on the rig as the "mudlogger") will note its presence. Such a "mudlogger" is known to be sitting on the rig. Historically, in the USA, some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been used up, except in certain places in Alaska. Often many wells (called multilateral wells) are drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, some wells (secondary wells) may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and so maintain an economic extraction rate.
West Texas Intermediate and international-benchmark Brent crude oil jumped higher following the decision by OPEC+, not to increase oil output, except to Russia and Kazakhstan...Last week, May WTI crude oil settled at $65.92, up $4.69 or +7.66% and May Brent crude oil finished at $69.36, up $4.94 or +7.12%.
Oil prices pressed higher, with Brent crude surpassing $70 per barrel after OPEC chose not to lift production cuts. Oil prices surged late last week after Yemen rebels claimed they had attacked a Saudi oil facility ...Rising oil prices are a part of that picture ... oil and prices climbed above $60 a barrel.
Petrochemicals giant Sasol hit R223.93 closing the day up 13.95 percent propelled by the strong oil price tailwind following the decision by the world’s biggest producers to extend production cuts given that the demand recovery from the coronavirus pandemic was still fragile.
The kingdom's oil-rich eastern region is home to most of Aramco's production and export facilities. In 2019, aerial assaults on two Aramco facilities in the eastern region temporarily knocked out half of the kingdom's crude production, underscoring the vulnerability of Saudi Arabia's oil infrastructure.
Oil last week crossed $65/bbl as market tightened ...Saudi Arabia, the world’s largest crude exporter, is benefiting as oil rebounds from last year’s slump amid OPEC+ production limits and signs of a global economic recovery ... Declining oil prices in 2020 led to an industry wide capex and production collapse.
Petroleum, also known as crude oil, was found in underground reservoirs and used to make gasoline, and therefore the global price of crude oil began to directly impact the cost of gas ... It would eventually rise again, and in May 2019, the United States hit a crude oil production average of more than 12 million barrels per day.
Indian equity markets snapped its two week loss amidst high volatility. Nifty/Sensex gained +2.8%/+2.7% to close at 14,938/50,405... On the other hand, Metals, PrivateBanks and Financials gained 1-2% ... Sentiments also got impacted as crude oil prices hit its one year high, after OPEC and its allies agreed to keep production unchanged in April ... BSE. NSE.
After OPEC decided to leave production unchanged versus expectations of an increase, crude oil prices surged late week to close above $66 for the first time since April 2019 on a continuation chart ... The FAO this week forecast record wheat production in 2021 ... Tuesday marks the release of the next monthly USDAWASDE and Crop Production reports.