1.  What is Crude oil
A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits.
Crude oil can be refined to produce usable products such as gasoline, diesel and various form
of petrochemicals.
Types:Brent crude,WTI(West Texas Intermediate ,dubai and Oman crude(according to sulphur
content and API gravity)
 Uses of Crude oil
Some of the uses of crude oil include making a variety of fuels such as gasoline, diesel fuel, jet
fuel and bunker fuel.
 Products obtained from crude oil

2. TOP 10 COUNTRIES WITH WORLD’S BIGGEST OIL RESERVES
1. Venezuela
2. Saudi Arabia
3. Canada
4. Iran
5. Iraq
6. Kuwait
7. United Arab Emirates
8. Russia
9. Libya
10. Nigeria
India ranks 23rd in the oil reserves countries

3.  Waterborne Transportation:
Crude oil tankers are used to transport crude oil from fields in the Middle East, North
Sea, Africa, and Latin America to refineries around the world.
 Oil Spills:
Although they get most of the publicity, oil spills only account for 12% of all spills.
 Oil Pipelines:
Liquids Pipeline Pipelines are the most efficient method to transport crude oil and refined
products.

4.  The Organisation for Economic Co-operation and Development (OECD) (French: Organisation
de coopération et de développement économiques, OCDE) is an international economic
organisation of 34 countries founded in 1961 to stimulate economic progress and world trade
Founder countries.high –Income economies and high HDI
 Austria
 Belgium
 Canada
 Denmark
 France
 Germany
 Greece
 Iceland
 Ireland
 Italy
 Luxembourg
 The Netherlands
 Norway
 Portugal
 Spain
 Sweden
 Switzerland
 Turkey
 United Kingdom
 United States

5.  OPEC (/ˈoʊpɛk/ OH-pek) (Organization of the Petroleum Exporting Countries) is an oil
cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is
to secure a steady income to the member states and to secure supply of oil to the consumers
 OPEC has twelve member countries: six in the Middle East, four in Africa, and two in South
America
 MAJOR oil producing countries

6.  The Indian oil and gas (O&G) sector is projected to touch US$ 139,814.7 million by 2015
from US$ 117,562.9 million in 2012. The sector provides vast opportunities for investors.
The New Exploration Licensing Policy (NELP) of 1997–98 was envisioned to deal with the
ever-growing gap between demand and supply of gas in India.
 Most of India's crude oil reserves are located in the western coast (Mumbai High) and in the
northeastern parts of the country, although considerable undeveloped reserves are also
located in the offshore Bay of Bengal and in the state of Rajasthan.
 India’s state-owned Oil and Natural Gas Corporation is the largest oil company. ONGC is the
leading player in India’s upstream sector, accounting for roughly 75% of the country’s oil
output during 2006, as per Indian government estimates.

8.  India imports more than 70% of its oil needs from several different countries with Saudi
Arabia and Iran topping the list.
 India spent $144.293 billion or Rs 7,84,652 crore in 2012-13 fiscal, up from $139.69 billion
(Rs 6,72,220 crore) in the previous financial year, 2011-12.
 Besides crude oil, India also imported 6.36 mt of petroleum products, mostly LPG, in the
first five months of the current fiscal, the data showed.

9.  Demand
 Supply
 Consumptions
 Reserves decline
 US dollar devaluation
 Peak oil
 Oil spills
 Climatic disasters
 Geopolitical events(eg:Israel and lebanon conflicts)
 Wars
 Demand for substitutes
 Subsidies
 Market speculations

10.  GDP
 Stock market
 Inflation
 Currency
 Agricultural sector
food
fertilizers
 Hospitality sector
airlines
restaurants
Cruises
 Automobile sector
types of engine
tyre production

11.  India one of the major consumer
 Fiscal deficit
 Current account deficit
 Rupee devaluation
 subsidies

12.  "The credit quality of OMCs in India is likely to weaken for the rest of 2013-14, if
the government continues to ask them to share a higher burden of the country's fuel
subsidies“
 Shale oil-(26 years of gas requirement according to EIA)
 Latest news: Prime Minister request oil companies to drill in India but industry
leader worried about contractual regime.
 Petrol and diesel price hikes

13.  Domestic explorations
 Energy conservation
 Bio-Fuels ,ethanol and other substitutes
 Wind power

14.  Nuclear power
 Hydrogen Energy
 Solar Energy
 Policy framework
 Electricity trading with neighboring countries

15.  It will be good if the answer considers following issues :
 Government Policies
 Petrol price split
 Oil Industry Structure
 Way forward