Crude Oil
Crude Oil is one of the most actively traded commodities in the world, and for a good reason. It has the power to slide economies into recession and is constantly present in politics.
It is commonly known as Petroleum. It is coming from Latin means Petra: “Rock” + Oleum: “Oil”). It is a naturally occurring, yellow–to-black liquid found in geological formations beneath the Earth’s surface. It is commonly refined into various types of fuels. It’s components of petroleum are separated using a technique called fractional distillation, i.e., separation of a liquid mixture into fractions differing in boiling point by means of distillation, typically using a fractionating column. While hydrocarbons are usually the primary component, their composition can vary from 50%–97% depending on the type and how it is extracted.
It is created through the heating and compression of organic materials over a long period of time. Most of the oil we extract today comes from the remains of pre–historic algae and zooplankton whose remains settled on the bottom of an Ocean or Lake. Over time this organic material combined with mud and was then heated to high temperatures from the pressure created by heavy layers of sediment. This process, known as “Diagenesis“, changes the chemical composition fist into a waxy compound called “Kerogen“ and then, with increased heat, into a liquid through a process called “Catagenesis”.
Organic compounds like Nitrogen (N), Oxygen (O) and Sulfur (S) typically make–up between 6%–10% of it. While metals such as Copper (Cu), Nickel (Ni), Vanadium (V) and Iron (Fe) account for less than 1% of the total composition.
