This session will give you all the basics you need to know about oil markets: producers, consumers, the refining process. The next module will provide you with an overview of the main types of oil traded in the OTC markets and the associated derivative products.
Crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons. Petroleum is used mostly for fuel oil and gasoline through the refining process. Generally crude oil is classified as a function of 3 factors:
I outline the main pricing references for crude as well as an idea of their “liquidity” in the derivatives markets:
Oil is distilled into fuels – the most common types (and their associated European derivatives indices) are:
Demand
The top 5 oil consuming countries are:
As a whole, the world as a whole consumes approx. 63m bbl/day of oil.
Supply
The top 5 oil producing countries are:
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