Crude Oil and Products

Provenance

Crude oil is extracted from various regions around the world, with major producers including Saudi Arabia, Russia, the United States, and Venezuela. The Middle East, particularly Saudi Arabia, holds the largest proven reserves of crude oil, with its vast deserts concealing the world’s richest oil fields like Ghawar. Russia’s Siberian regions and the U.S.’s Permian Basin are also critical sources.

Impact

The control over vast oil reserves has given countries in the Middle East significant geopolitical power, affecting global energy markets and international relations. The strategic importance of oil has also led to conflicts and alliances centered around securing access to this vital resource.