Raw materials and industries play an important role in the global economy. They essentially make up the entire economy. It is an examination of the geography of a particular product, where the product is produced and where it is consumed. Information on the trade structure in the industry, the countries/regions that are the most important exporters and the countries that are the main importers will also be discussed. Oil is one of the largest, most demanded, most expensive and most important sources. of regular vitality on the planet. Oil processing normally refers to the total number of barrels of oil that are concentrated on a consistent schedule through oil extraction machines and different penetration procedures. The demand and use of oil grew in commercial and household areas. Oil provides the world's 6.9 billion people with a significant percentage of their daily energy needs. It also plays an important role in transportation. Oil represents a large-scale global trade. Companies spend billions of dollars each year to maintain and increase their oil production. . More than 200 countries have invited companies to negotiate the right to explore their lands or territorial waters, in the hope that they will find and produce oil, create local jobs and generate billions of dollars in national revenue. Large quantities of oil flow daily from “exporting” regions like the Middle East, Africa and Latin America to “importing” regions like North America, Europe and the Far East. This creates political, trade, economic and even national security concerns on both sides. Oil and gas exporters want to maximize their revenues and improve their trade balances while maintaining control... middle of paper ... so they must rely on other countries to meet demand. It is the second largest importer of oil.(3)The world population is increasing more and more every day. As a result, the demand for oil increases. China is the most populous country in the world and one of the largest consumers of oil. The United States is also one of the largest countries in the world and consumes tons of oil. People use oil all the time and with a large population the amount of oil used will increase. The oil industry is one of the largest industries in the global economy. Oil, one of many commodities, is affected by the global economy on a daily basis. Oil will be imported where the need is. While the location of oil will be determined by the nature or technological advancement of a society. Our world is constantly changing, just like the trends of a product like oil..