Description: How One of Asia’s Biggest Oil Empires Collapsed, China Discovers World's 1st Large, Ultra-Shallow Gas Field in Ultra-deep Waters | BIZTODAY, Project Deep Earth: Chinese oil company to drill 11km hole, Chinese oil and gas puzzle
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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 (oil) is also the raw material for many chemical products , including pharmaceuticals , solvents , fertilizers , pesticides , and plastics . The industry is usually divided into three major components: upstream , midstream and downstream . M
Petroleum is vital to many industries , and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption , ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East .
Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value.