Petroleum

Petroleum, also known as crude oil or simply oil, is a natural resource that appears as a yellowish-black liquid chemical mixture found in geological formations, consisting primarily of hydrocarbons. The term petroleum refers to both naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil. Petroleum is a fossil fuel formed over millions of years from anaerobic decay of organic materials from buried prehistoric organisms, particularly plankton and algae. It is estimated that 70% of the world's oil deposits were formed during the Mesozoic, 20% were formed in the Cenozoic, and only 10% were formed in the Paleozoic. Conventional reserves of petroleum are primarily recovered by drilling, which is performed after studying the relevant structural geology, analysis of the sedimentary basin, and characterization of the petroleum reservoir. There are also unconventional reserves such as oil sands and oil shale which are recovered using methods such as fracking. Once extracted, oil is refined and separated, most easily by distillation, into numerous products for direct use or use in manufacturing. Petroleum products include fuels such as gasoline (petrol), diesel, kerosene and jet fuel; bitumen, paraffin wax and lubricants; reagents used to make plastics; solvents, textiles, refrigerants, paint, synthetic rubber, fertilizers, pesticides, pharmaceuticals, and thousands of other petrochemicals. Petroleum is used to manufacture a wide variety of materials essential for modern life, and it is estimated that the world consumes about 100 million barrels (16 million cubic metres) each day. Petroleum production played a key role in industrialization and economic development, especially after the Second Industrial Revolution. Some petroleum-rich countries, known as petrostates, gained significant economic and international influence during the latter half of the 20th century due to their control of oil production and trade. Petroleum is a non-renewable natural resource, and its exploitation is...