The petroleum industry, includes the global processes of:
- Exploration
- Production/Extraction
- Midstream- Transporting and storage
- Refining
- Petrochemicals
- Marketing of petroleum products.
The largest volume products of the industry are fuel oil and gasoline. Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The extreme monetary value of oil and its products has led to it being known as “black gold”. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products.
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