Oil is a fossil fuel created over millions of years from ancient marine organisms. Its versatility makes it the backbone of modern economies, powering transport, manufacturing, and energy production. Crude oil is classified into types like Brent, WTI, and Dubai, each with unique characteristics affecting its price and refining methods.

• Key crude benchmarks: Brent, WTI, Dubai
• Main refined products: gasoline, diesel, jet fuel
• Applications: transport, plastics, heating, energy generation

Oil production and consumption pose significant environmental challenges. Carbon emissions from burning oil are major contributors to climate change. Oil spills and drilling activities also harm ecosystems. As a result, energy transition strategies aim to reduce dependence on oil.

• CO₂ emissions from oil combustion
• Risks of oil spills and groundwater contamination
• Impact on biodiversity and coastal environments

Despite the growing role of renewable energy, oil remains central to global energy systems. Advances in carbon capture, alternative fuels, and green technologies may reshape its role. Many forecasts suggest oil demand will plateau by the 2030s, but petrochemicals and developing economies will continue to drive demand.

• Energy transition and net-zero goals
• Technological innovations in carbon capture
• Shift to electric vehicles reducing fuel demand