Definition - What does Oil mean?
Oil is an important fuel that is extracted either from prehistoric organisms or from remains in water bodies like oceans. Since 1850, oil has been a vital commodity that has been produced commercially on a large scale. It is a hydrocarbon liquid that is formed by natural resources or during the breakdown of fats. Oil is a major source of energy as it can generate drive machinery, and fuel airplanes and vehicles. According to a survey, oil caters for about 33% to 34% of world’s energy requirements.
Petropedia explains Oil
Oil as a raw material is available in many forms. Some oils are volatile and thin in nature thus called light whereas thick and viscous liquids are known as heavy oils. The light oils have API gravity of 35 to 40 degrees while heavy oils have API gravity of less than or equal to 12 degrees. Oil is insoluble in water but dissolves in organic substances. An organization was set up named as OPEC (Organization of Petroleum Exporting countries) that produces 39% of world oil production and controls over 69% of world’s oil reserves.