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The petroleum industry is the most important industry the world over today. The prices of everything fluctuate in accordance to the price of petroleum. We have all experienced inflation recently because the price of oil has gone up. British Petroleum is the world's third largest energy company…
These conditions are there for every market. The demand and supply help determine the price and the quantity of oil that should be supplied to the world. The major contributor to oil supply in the world is Saudi Arabia.
The market in the UK is said to be self sufficient till 2016. The industry produces around two million barrels of hydrocarbons per day. Even though the country is self sufficient, the oil reserves are declining. According to the article 'Oil, gas and petroleum: Overview,' (2006) the oil reserves are mainly in the North Sea and off the coasts of Aberdeen, Suffolk, Norfolk, Liverpool and Morecambe Bay.
UK is known for its ability to extract oil in larger quantity from the deep sea by using advanced engineering techniques. UK exports oil in its raw form. The country is now focusing of making full use of the existing oil fields instead of looking for new smaller fields.
The Oil, gas and petroleum: Overview article (2006) provides us with the following figures, the petroleum industry by itself exists of 200 companies who perform different processes including, refining, distribution and marketing. The basic structure of the market is based on two divisions, retail and commercial. ...
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