Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. A type of fossil fuel, crude oil can be refined to produce usable products such as gasoline, diesel and various other forms of petrochemicals. It is a non-renewable resource, which means that it can’t be replaced naturally at the rate we consume it and is, therefore, a limited resource.
- Crude oil is the raw natural resource that is extracted from the earth and refined into products such as gasoline, jet fuel, and other petroleum products.
- Crude oil is a global commodity that trades in markets around the world, both as spot oil and via derivatives contracts.
- Many economists agree that crude oil was and remains the single most important commodity in the world as it is the primary source of energy production.