Crude oil is the world’s most actively traded physical commodity. Ninety five million barrels are produced every day. Over 70% is sold through long term contracts between state oil producers and refiners. Freely traded crude oil is estimated at around a third of the physical market. In the crude oil market, we use our global presence, supply knowledge and logistics capabilities to balance supply and demand, optimise supply chains and service our customers around the world.
The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, usually zooplankton and algae, are buried underneath sedimentary rock and subjected to both intense heat and pressure.