Category Archives: Petroleum

The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics.

60 million barrels of oil next month

oil

As the International Energy Agency announced the release of 60 million barrels of oil next month to shore up the economic recovery, J.P. Morgan and Goldman Sachs slashed forecasts for crude prices in the third quarter.

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