Petroleum economics

The Organization of the Petroleum Exporting Countries (OPEC ) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production in 2022. It is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middl

standard measure of an engine or aviation fuel's ability to withstand compression without detonating

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Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched an air war against Iran and assassinated its supreme leader Ali Khamenei. In retaliation, Iran launched missile and drone attacks on Israel, US military bases, and US-allied Gulf states. The Iranian Revolutionary Guard (IRGC) issued warnings forbidding passage through the strait, has boarded and attacked merchant ships, and has laid sea mines in the strait. Since 13 April, the US has blockaded Iranian ports, leading to a "dual blockade" of the strait. Until the US–Israeli war against Iran, the Strait of Hormuz was open and about 25% of the world's seaborne oil trade and 20% of the world's liquefied natural gas (LNG) passed through it.

unit of energy

Kuwait-based energy policy coordinating organization

2020 oil price war between Russia and Saudi Arabia

generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil

the seven oil companies which dominated the global petroleum industry

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financial company based in Atlanta, Georgia

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unit of energy equal to 6.1178632 gigajoule

United States strategic petroleum reserve

state which derives all or a substantial portion of its national revenues from the rent of indigenous resources to external clients

international spending or investment of a country's revenues from petroleum exports

group of the world’s largest private oil and gas companies, from 6 to 10

sovereign wealth fund of Azerbaijan

strategic petroleum reserve

American commodity markets information provider

as opposed to IOC, which stands for International Oil Company

sixfold rise in oil prices, peaking in 2008

Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused:

Petroyuan is a form of the official Chinese currency, the yuan intended at least initially for oil trading. On 26 March 2018, the Chinese government issued the first long term oil trading contracts denominated in petroyuans. This project exists to attempt to compete with the U.S. petrodollar as a main currency in crude oil transactions, whose hegemony has led the market since the dollar standard was first established in 1971, replacing the gold standard and giving the United States the power to manage most of the world's currency supply (around ~60%).

consumption and pricing of gasoline and diesel fuel, as determined by market factors

Financial indicator for international oil markets

supplier of commodity controlling its global deposits and possessing large spare production capacity

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serious surplus of crude oil that started in 2014–2015 and accelerated in 2016

Measurement in oil production

American journalist (1920–1992)

WW2 German project to produce fuel from shale oil

2026 Iran war aerial campaign