Oil is a vital energy source for modern industries and daily life, with diverse applications. Its most prominent use is as fuel, powering transportation such as cars, airplanes, and ships through products like gasoline, diesel, and jet fuel.
Additionally, oil serves as a raw material for petrochemical products, which are essential for manufacturing plastics, synthetic fibers, rubber, chemical fertilizers, and pharmaceuticals. It also plays a critical role in electricity generation, industrial lubricants, and asphalt for road construction.
Beyond fuel, oil is indispensable for industries and consumer goods production, forming the foundation of modern civilization.
First, crude oil extracted in oil-producing countries is transported to coastal oil terminals. At these terminals, the crude oil is stored and prepared for loading onto tankers. Tankers, such as VLCCs (Very Large Crude Carriers) or Suezmax vessels, are equipped to transport millions of barrels of crude oil in a single trip.
The loading process is conducted under strict procedures. Crude oil is transferred into the storage tanks of the tanker using tank pumps, adhering to maritime safety standards to prevent spillage. After the loading is complete, the tanker sets sail to its final destination along a designated route.
During transportation, the vessel’s position and condition are monitored using maritime control systems and real-time tracking devices. To avoid risks such as piracy or severe weather, the route may be adjusted as needed, ensuring safe navigation through international shipping lanes.
The global demand for crude oil (including biofuels) in 2022 amounted to 99.57 million barrels per day and it is projected to increase to 101.89 million barrels per day in 2023
The future of the oil industry is set to undergo significant changes amidst energy transitions and environmental shifts. As renewable energy adoption accelerates globally and electric vehicles become more widespread, traditional demand for oil is expected to gradually decline. However, the demand for petrochemical products, such as plastics and chemicals, is projected to continue growing, making this sector a key area of growth for the oil industry.
Oil will remain an essential energy source during the transitional period until renewable energy and electricity fully take over. However, geopolitical uncertainties and market volatility will continue to significantly impact oil prices and supply.
The future oil industry must adapt to these changes and move towards creating new value through technological innovation and environmentally sustainable approaches.