Oil & Gas

Oil and gas are primary commodities that play a crucial role in the global energy market and the broader economy. Oil, often referred to as “crude oil,” is a liquid fossil fuel found beneath the Earth’s surface, which, after being refined, is used to produce various products including gasoline, diesel, and jet fuel, alongside other chemical products such as plastics and pharmaceuticals. Gas, primarily natural gas, is a gaseous fossil fuel consisting mainly of methane and is used for heating, electricity generation, and as a fuel for vehicles. Both oil and gas are characterized by their volatility in prices due to geopolitical, market, and environmental factors. They are traded globally on commodities exchanges, and their prices are influenced by supply and demand dynamics, production costs, and technological advancements. As essential sources of energy, they have a significant impact on the international political and economic landscape, though the push for renewable energy sources is influencing their long-term demand.