Oil News

Oil, commonly referred to as petroleum, is a crucial natural resource composed primarily of hydrocarbons and found in geological formations beneath the Earth’s surface. It is extracted through drilling and is essential for producing fuel, such as gasoline and diesel, and serves as a base for manufacturing numerous chemicals and plastics. The oil industry plays a pivotal role in the global economy, influencing energy markets and geopolitics. However, the extraction and use of oil have significant environmental impacts, including pollution and contribution to climate change, which has led to increased efforts in renewable energy research and sustainability initiatives to reduce dependence on oil.