Oil barrel's transformation into 6000+ products
The report shows that the majority of oil used in everyday life is not typically for powering transportation, but rather it is involved in the production of thousands of petrochemical products that support various sectors such as medicine, construction, and industry. These products account for about 12% of the global oil demand, or roughly 12 million barrels per day. Currently, the oil industry is moving toward increased investment in integrated refining and petrochemical complexes to boost the value derived from each barrel. Approximately 50% of the oil can be converted into high-value chemicals instead of solely serving as fuel, highlighting the importance of these industries as a key driver of future oil demand.
Notice: This Is an AI-Generated Summary
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