Global Economy: Commodies and Industries

Commodies and industries play a huge part in the global economy. They basically make up the whole economy. This is an examination of the geography of a particular commodity, where the commodity is produced and where the commodity is consumed. Information about the pattern of trade in the industry looks, what countries/regions are the most significant exporters and which countries are the major importers will also be discussed.
Oil is a standout amongst the most significant, quite requested, costly, and a paramount wellspring of regular vitality on the planet. Oil processing normally alludes to the aggregate number of oil barrels that are concentrated on consistent schedule through the oil extraction machines and the different penetrating procedure. The requirement and utilization of oil has expanded in business and additionally family areas. Oil provides the world's 6.9 billion people with a large percentage of their daily energy needs. It also plays a huge factor in transportation. Oil represents global commerce on a massive scale. Companies spend billions of dollars annually to maintain and increase their oil production. . Over 200 countries have invited companies to negotiate for the right to explore their lands or territorial waters, hoping that they will find and produce oil, create local jobs and provide billions of dollars in national revenues. Large quantities of oil flow daily from "exporting" regions such as the Middle East, Africa and Latin America to "importing" regions such as North America, Europe and the Far East. This creates political, trade, economic and even national security concerns on both sides. Oil and gas exporters want to maximize their revenues and improve their trade balances while maintaining control...

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... so it has to rely on other countries to keep up with the demand. It is the second importer of oil.(3)
The world population is growing more and more every day. Because of this, the demand of oil rises. China is the most populated country in the world, and it is one of the biggest consumers of oil. The U.S is also one of the biggest countries in the world, and they consume tons of oil. People use oil all the time and with big populations, the amount of oil used will increase. The oil industry is one of the biggest industries in the global economy.
Oil, just one of the many commodities, is affected by the economy of the world every day. Oil will be imported to where the need is located. While the location of oil, will be determined by nature or the technological advances of a society. Our world is ever changing, and so are the patterns of a commodity like oil.