The book is divided into four chapters.
Chapter I
provides a brief
history of the oil industry and highlights key facts about petroleum.
This includes the origins of the word ‘petroleum’ and the definition
of crude oil. It provides summary explanations about how crude oil
was formed and why investments are so important for its ongoing
Chapter II
describes how oil is found. It considers the investments
that are needed for exploration projects and examines how much oil is
needed around the world.
Chapter III
then focuses on how oil is extracted, brought to the
market and refined into useful products. It identifies and explains the
differences between the ‘upstream’ and the ‘downstream’ sectors of the
industry. A description of the different ways of exploring for oil, as well
as the various methods used to transport it, are also explained.
Chapter IV
provides an overview of the history of OPEC,
explaining the background and the circumstances that led to its
founding and the requirements for membership. There is also a brief
description of the Organization’s overall mission and objectives,
and an explanation of the Secretariat’s organizational structure. The
commitment of OPEC Member Countries to assisting developing
countries, which they pursue through theOPECFund for International
Development (OFID), is also described.
It is our hope that whoever reads this book will be able to better
understand OPEC’s vital role in the global economy and the challenges
it faces. As it enters its sixth decade, OPEC is well prepared to meet
these new challenges.
OPEC is the oldest surviving inter-
governmental organization composed
wholly of developing countries.
Secretary General, Abdalla S. El-Badri, OPEC
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