Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. Read the rest of this entry »
Global trade is an ever-present influence on the economies of nations, and there is more trade internationally in crude oil or petroleum than in anything else. The oil trade refers to the extraction, transportation, and refinement of crude oil to be sold in markets all around the globe. Trade in crude oil and its products is a complex web of wells, offshore platforms, pipelines, tankers, and refineries. Read the rest of this entry »
