Crude oil continues to be a dominant force in the global energy landscape, and its flux has far-reaching implications for national security, economic growth and international alliances.
The history of oil is characterized by groundbreaking discoveries and pivotal geopolitical developments. The discovery of Middle Eastern oil fields early in the 20th century transformed the geopolitical landscape as oil became a strategic asset in global power games.
Key events like the formation of OPEC, Financial Crisis and the Gulf War highlighted oil’s role in world affairs. Despite recent challenges from renewable energies and climate change concerns, oil remains a central factor in international relations and economic stability.
The report also classifies crude oil according to its properties that determine the suitability of the oil for various end products.
For a comprehensive understanding and more insights, please go through our detailed report.