Friday, December 3, 2010

Purchase Crude Oil - Guide to Buying Petroleum


The way you can use to purchase crude oil, which is also known as petroleum, is available. Many countries produce petroleum. Some of the countries are Nigeria, Saudi Arabia, Russia, USA, Mexico, Venezuela, Iran, Kuwait, Iraq and the rest of other countries. USA produces oil but it imports as well. A good place to easily find sellers of petroleum is in Nigeria. It is the main seller of petroleum in Nigeria. Nigeria produces petroleum more than it uses, leaving surplus petroleum available to sell.

First, crude oil is not a resource that we can classify as renewable. It takes millions of years for crude oil to develop. That means the average consumer faces a real crisis when oil prices jump up due to a real or imagined crude oil supply issue.

Based on facts gotten from oil and gas records, Saudi Arabia has about 261.9 billions of barrels. It is about a quarter of the known reserves of world crude oil. As for their oil and gas fields, it is about eighty. Ghawar is the biggest oil field globally. The amount of oil reserves which it has is about 70 billions barrels. It also has the biggest offshore oil field in the world which has about 35 billions of barrels of oil reserves. Globally, Saudi Arabia is the top manufacturer of oil as well as exporter. The amount of crude oil Saudi Arabia generates in a day is within 10 to 11 million barrels. This plan will double the amount of oil rigs working in 2004.

The average depletion percent of Saudi oil fields stands at 28. Aramco claims that the oil reserves of Saudi Arabia is underrated and not overrated.