Karandikars & Associates

Global Crude Oil

While the reported use of oil dates back to ancient times, the origins of the modern Oil industry are considered to be dating back to 1859, when Col. Edwin L Drake made the first commercial discovery of crude oil near Titusville, Pennsylvania, USA

This was the first reported successful “drilling” opposite to “digging”. It was actually an accidental birth of a new and a very large energy source. Read the Oil discovery Story

Any commentary on Crude oil would be incomplete without capturing history of Standard Oil. Read history of Standard Oil

Between 1908 and 1958, massive oil reserves were discovered across the Middle East, transforming the region from a collection of largely overlooked desert kingdoms into a global energy powerhouse, altering the course of history and reshaping the world’s geopolitical landscape

The discovery of oil in the Middle East drew significant foreign involvement. British and American oil companies carved out concessions across the region, forming powerful partnerships with local rulers. The Seven Sisters — a consortium of Western oil companies—controlled much of the oil extraction and distribution, securing steady supplies for their home countries while Middle Eastern nations initially saw only a fraction of the profits

Exxon, Mobil, Chevron, Gulf and Texaco from the US and british petroleum & Royal Dutch / Shell from Europ, were collectively called the Seven Sisters

The formation of OPEC in 1960, the Organization of the Petroleum Exporting Countries, is one of the most significant events in the 165+ years' of Oil history. Read: Birth of OPEC

The 1973 oil embargo, also called the First Oil Shock, was the next big thing in the oil industry, clearly establishing OPEC`s power. It led to fuel shortages, inflation, and economic recessions across many countries. The crisis revealed the dangers of over-reliance on Middle Eastern oil and prompted nations to diversify their energy sources, leading to the accelerated development of Liquefied Natural Gas (LNG) and nuclear energy as alternative solutions

The rise of LNG and nuclear energy not only diversified energy supply but also strengthened global energy security. The lessons learned from this period continue to influence energy policy and drive the search for sustainable alternatives even today

The Oil industry has witnessed several price shocks thereafter, some of the notable ones being: Iranian Revolution in 1979 / Iraq's invasion of Kuwait in 1990-91 / oil price spiking to $147/bbl in mid 2008 / Russia Ukraine war being the most recent one

Oil industry has also witnessed several price collapses during its history, some of the notable ones being: The 1986 Oil Price Collapse (OPEC`s fight for market share) / The 1998 oil price collapse (Asian Financial crisis) / The 2008 Financial Crisis / 2014-2016 Oil Price Collapse (US shale boom & OPEC`s refusal to cut output) / 2020 Oil Price Crash due to COVID

The U.S. oil industry and in turn global oil industry was transformed in the early 2000s with the advent of the shale revolution. The hydraulic fracturing and horizontal drilling made it economically viable to extract oil and natural gas from shale formations that were previously considered uneconomical

Key shale plays, including: Bakken Shale (North Dakota & Montana), Eagle Ford Shale (Texas), Permian Basin (Texas & New Mexico), began producing massive amounts of oil, driving U.S. production from around 5 million bpd in 2008 to over 13 million bpd by 2019. This resurgence helped the U.S. surpass Saudi Arabia and Russia to become the world’s largest oil producer

We can go on and on, but will close this introduction by citing something unthinkable, that occured on April 20, 2020, namely WTI crude oil prices plunging to negative $37.63 per barrel, marking a historic first for the oil industry. Read: WTI at negative $37.63 per barrel

Explore global oil indicators:

Crude Oil Production / Imports / Exports

Crude Oil Production kbd
Natural Gas Plant Liquids kbd
Total Liquids Production kbd
Crude Oil Imports kbd
Crude Oil Exports kbd


Crude Oil Prices

Brent WTI Oman Yearly Average
Opec Reference Basket Component
ORB Nominal vs Real Price