There is no doubt that oil -- or black gold -- as it is referred to, has a profound impact on modern civilization.

Although the earliest known oil wells were drilled in China way back in 347 AD, it was only in the second half of the 1800s when oil was drilled on 27th August 1859 from Titusville, Pennsylvania, USA that resulted in large scale oil extractions in the USA and other counties, particularly in the Middle East.

This period marked the creation of major oil companies that dominated -- then and now -- the oil industry that has become one of the driving forces of the second industrial revolution.

Just like the untold value of gold, the black gold powered the economic explosion of the 20th century. It enabled people to do things or for them to go to places quickly and comfortably … things that were unimaginable before.

These consequently led to the ever-increasing demand for oil – from internal combustion engines that were used to fuel transportation, to industrial machineries and many others.  These resulted, unfortunately, in many clashes described as “classic oil wars” where international conflicts arise as countries fight to obtain petroleum resources.

It is worth noting that there has been a noticeable decline in oil prices. As the oil market suffered in the second half from 2014 from a recession in the crude oil in the markets: prices of oil recorded the lowest levels in six years, which had negative impact on oil-producing countries.

The companies, especially those in this sector, need to agree seriously in dealing with each other and working together due to the many challenges that this sector is currently going through, such as fluctuations in the global pricing especially because of the worldwide economic crises brought about by Covid-19 pandemic.

                                                                                                                                                   Petros Plus Oil Trading