Crude oil, also well-known as petroleum, is the term used for "unprocessed oil". Naturally derived from decaying plants and animals, crude oil is a fossil fuel.
The main component of crude oil is hydrocarbon, which contains a lot of energy. Hence, crude oil is used in generating many forms of energy such as gasoline, diesel and other fuel oils.
It is estimated that the present utilization of crude oil is about 90 million barrels per day. Also, crude oils release carbon dioxide when they are burnt, which has impacted our environment and led to global warming.
May has been an interesting month in the crude oil futures market. The crude oil market has sold off more than 25% of its value in the last month. The growing strength of the U.S. Dollar has made crude oil cheaper because crude oil is traded on U.S. exchanges and priced in U.S. Dollars. Obviously, this does not account for crude oil's 25% decline. Of course, astute readers will recall that in February, when the Dollar rally began, crude oil experienced a 14% drop on a 4% rally in the Dollar. The growing case for crude oil bargain hunting at these levels can be made through the case of the developing middle class of very large Asian populations.
People that sell light crude oil are persons who have been given oil allocation by NNPC. NNPC simply means Nigeria National Petroleum Corporation. We have a lot of crude oil sellers in Nigeria, but the challenge there is the ability to find genuine and verifiable sellers.
The business of dealing in crude oil is a prosperous and flourishing one as long as cars and industries are concerned. People who purchase crude oil from various countries would want to reach sellers in Nigeria to enable them to buy bonny light crude oil (BLCO). Below are cool ideas you need to follow in order to successfully buy crude oil from Nigeria without getting duped.