1. What is Crude oil A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits. Crude oil can be refined to produce usable products such as gasoline, diesel and various form of petrochemicals. Types:Brent crude,WTI(West Texas Intermediate ,dubai and Oman crude(according to sulphur content and API gravity) Uses of Crude oil Some of the uses of crude oil include making a variety of fuels such as gasoline, diesel fuel, jet fuel and bunker fuel. Products obtained from crude oil

2. TOP 10 COUNTRIES WITH WORLDS BIGGEST OIL RESERVES 1. Venezuela 2. Saudi Arabia 3. Canada 4. Iran 5. Iraq 6. Kuwait 7. United Arab Emirates 8. Russia 9. Libya 10. Nigeria India ranks 23rd in the oil reserves countries

3. Waterborne Transportation: Crude oil tankers are used to transport crude oil from fields in the Middle East, North Sea, Africa, and Latin America to refineries around the world. Oil Spills: Although they get most of the publicity, oil spills only account for 12% of all spills. Oil Pipelines: Liquids Pipeline Pipelines are the most efficient method to transport crude oil and refined products.

4. The Organisation for Economic Co-operation and Development (OECD) (French: Organisation de coopration et de dveloppement conomiques, OCDE) is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade Founder countries.high Income economies and high HDI Austria Belgium Canada Denmark France Germany Greece Iceland Ireland Italy Luxembourg The Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom United States

5. OPEC (/opk/ OH-pek) (Organization of the Petroleum Exporting Countries) is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers OPEC has twelve member countries: six in the Middle East, four in Africa, and two in South America MAJOR oil producing countries

6. The Indian oil and gas (O&G) sector is projected to touch US$ 139,814.7 million by 2015 from US$ 117,562.9 million in 2012. The sector provides vast opportunities for investors. The New Exploration Licensing Policy (NELP) of 199798 was envisioned to deal with the ever-growing gap between demand and supply of gas in India. Most of India's crude oil reserves are located in the western coast (Mumbai High) and in the northeastern parts of the country, although considerable undeveloped reserves are also located in the offshore Bay of Bengal and in the state of Rajasthan. Indias state-owned Oil and Natural Gas Corporation is the largest oil company. ONGC is the leading player in Indias upstream sector, accounting for roughly 75% of the countrys oil output during 2006, as per Indian government estimates.

7. India imports more than 70% of its oil needs from several different countries with Saudi Arabia and Iran topping the list. India spent $144.293 billion or Rs 7,84,652 crore in 2012-13 fiscal, up from $139.69 billion (Rs 6,72,220 crore) in the previous financial year, 2011-12. Besides crude oil, India also imported 6.36 mt of petroleum products, mostly LPG, in the first five months of the current fiscal, the data showed.

8. Demand Supply Consumptions Reserves decline US dollar devaluation Peak oil Oil spills Climatic disasters Geopolitical events(eg:Israel and lebanon conflicts) Wars Demand for substitutes Subsidies Market speculations

9. GDP Stock market Inflation Currency Agricultural sector food fertilizers Hospitality sector airlines restaurants Cruises Automobile sector types of engine tyre production

10. India one of the major consumer Fiscal deficit Current account deficit Rupee devaluation subsidies

11. "The credit quality of OMCs in India is likely to weaken for the rest of 2013-14, if the government continues to ask them to share a higher burden of the country's fuel subsidies Shale oil-(26 years of gas requirement according to EIA) Latest news: Prime Minister request oil companies to drill in India but industry leader worried about contractual regime. Petrol and diesel price hikes

12. Domestic explorations Energy conservation Bio-Fuels ,ethanol and other substitutes Wind power

13. Nuclear power Hydrogen Energy Solar Energy Policy framework Electricity trading with neighboring countries

14. It will be good if the answer considers following issues : Government Policies Petrol price split Oil Industry Structure Way forward