Even though the history of oil producing counts centuries, the beginning of the oil and gas industry is believed to have started in 1859 with the first implementation in the USA of mechanic well drilling in 1859. Since then the technology and the importance of oil and gas industry has generated exponentially. Oil and gas market has become one of the most crucial players in the global geopolitics since then. Despite the fact that alternative energy sources are being developed, oil and gas producing industry still plays the most principal role in the energy supply for all economy branches.

The state of oil and gas industry has a direct impact on global political events, each country’s prosperity and even the course of the world’s history. All the Twentieth century can be characterized as the times of petroleum industry exponential growth and boom. With the increasing rates of gas and oil consumption almost all aspects of our life are dependable on the oil-and-gas producing.  While you are reading these sentences the humanity has used up nearly 20,000 barrels of oil.

Oil and gas industry provides employment for millions of people of multiple professions. As the industry operates at full tilt, a loss of even one experienced professional may have negative impact on a company. That’s why the industry employment market never stays still. Oil and gas companies are increasingly using web based resources to track the talents in oil and gas jobs.  As there is a great demand in specialists all over the world, professional networking communities provide companies with miscellaneous offers to promote their opportunities and reach out to job-hunters.     

The decrease in oil consumption is not to happen at least for the nearest 20 years. It’s essential indeed to stay in the course of events in the industry, as oil and gas industry changes may lead to the changes in everyone’s life. Oil and gas news helps manufacturers keep the run of the fast-changing events in the industry. Examiners in their turn should be highly informed of financial product transactions while examining oil and gas companies. All told, any person having certain interest in the particular industry should possess at least some basic information on the current oil and gas situation in the world.

The peak of oil production was reached in 1979 and the total gas production has increased by 3-4 times since the last 20 years. Explored gas resources make up 148,9 tln m³. With current consumption rates this is optimistically enough for more than 70 years.

The US is the biggest oil consumer and importer (25% and 16% of the global rates correspondingly). China is a newbie on the market comparing to other petroleum giants but possesses staggering potential in oil and gas consumption and producing. Since the 50’s the Chinese have started consuming 5 times more oil than they used to.    

The Europe’s share in the global oil consumption is about 22% with substantial commitment of Germany, being the second gas importer in the world. The EU economic area disposes only 3,5% of the world oil resources and less than 2% of gas resources (thanks to the Great Britain and Norway) but they are exploited much more aggressively than in other parts of the world. EU’s dependence on oil and gas import is treated as one of the main problems of the region.    

The Middle East countries concentrate about 61% world’s oil reserves and 40% of the world’s gas, making them strategically important regions for the global economy system.