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Crude petroleum, also called crude oil, is the largest single source of energy
in the world, accounting for approximately 40% in oil equivalents of energy
consumed in the world in 2006. In addition, petroleum-derived feedstocks are
the bases for over 51% of the ethylene capacity and 75% of the aromatics capacity
in the world. This product review presents an overview of the markets for crude
petroleum and its products.
As of January 1, 2007, the estimated world proved reserves of crude petroleum
were 1.3 trillion barrels. OPEC currently accounts for about 67% of total world
oil reserves. Saudi Arabia holds the single largest share of the world’s
petroleum reserves, accounting for nearly 20% of the total. On a regional basis,
the Middle East accounts for 56% of the world’s reserves; North America
is second with 16% of the world’s reserves, and Africa is third with
about 9%.
The following pie chart shows world proved reserves of crude petroleum:
The following pie chart shows proved reserves of crude petroleum in “Rest
of the World”:
As of early 2007, global crude petroleum demand continued to rise due to strong
economic growth, despite sharp crude price increases. Industry sources expect
world oil demand to continue to grow by an average of 2–3% through 2011.
Oil demand will continue to rise in the United States and in developing regions
of Asia. The transportation sector will continue its increased demand growth
for oil, even with the introduction of environmentally friendly vehicles and
energy alternatives such as gas to liquids, ethanol and biodiesel.
In the developing world, oil demand is projected to grow in most end-use sectors.
As technology and economies improve, countries are converting from traditional
fuels for residential and commercial use (such as wood burning for heating
and cooking) to diesel-fired electricity. In addition, industrial demand for
petrochemical feedstocks will increase.
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