Cash Crude Oil (CL-099)
Crude oil is a fossil fuel or hydrocarbon made primarily of hydrogen and carbon. Depending on sulphur content, crude oil ranges from light to heavy and from sweet to sour. Energy East will move a variety of crude types, including conventional crude oil, diluted bitumen and synthetic crude oil.
Prices of crude oil and oil products are exceptionally volatile, so both buyers and sellers are exposed to market price fluctuations. Moreover, trading in crude oil and oil products that involves physical deliveries carries a lot of other risks and has to be planned well in advance.
Worldwide Oil Production
While just about every country in the world depends on oil, not all countries produce it. The top five oil producing countries are: Saudi Arabia, Russia, United States, Iran, and China. It is important to note that the term production here refers to crude oil extracted from oil reserves. The top five oil consuming countries are: United States, China, Japan, Russia, and Germany.
At the current rate of consumption it is estimated that worldwide reserves will become extinguished by 2039. Scientists and engineers are working hard to find ways of more efficiently extracting and processing crude oil to delay what could become a global energy crisis.