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Crude oil is one of the most sought after commodities in the world today. Its applications range from energy production to its application as a feedstock for transportation fuels and petrochemical products such as plastics, solvents and adhesives. As a result, the oil industry is one of the most powerful sectors of the world economy, and changes in benchmark oil prices have a major impact on almost all sectors of production and consumption. More than four billion tons of oil are produced worldwide each year, with the Middle East having the largest share of proven oil reserves, close to 50%.

Due to pressure from worries about China's declining demand and a stronger US dollar, WTI crude oil futures fell 2.4% to close at $67 a barrel on Friday, recording a 5% weekly loss. Due to ongoing demand problems and weaker factory output, China's crude processing fell 4.6% in October. Furthermore, both OPEC and the IEA lowered their projections for the growth of world demand; the IEA predicted a supply surplus of one million barrels per day in 2025. Citing difficulties in important countries like China and India, OPEC also lowered its demand projections for 2023 and 2025. The stronger US currency, which rose to a two-year high and diminished the attraction of dollar-priced goods, is another factor driving up costs. Data from the US Energy Information Administration showed that US crude inventories rose by 2.1 million barrels last week, exceeding expectations of a 1.9 million-barrel rise.

Global oil reserves: 1.7 trillion barrel. Estimated daily global oil demand in 2022: 99.4 million barrel. Global oil production in 2021: 4.25 billion tons. Despite growing concerns about the use of fossil fuels, oil consumption remains at an all-time high. The US is the country with the highest oil consumption worldwide, followed by China, whose oil demand has increased steadily over the past decade. Due to the lack of significant reserves in the country, China is also the world's top oil importer.