In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.īecause the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Crude oil is also used in cosmetics and medicines. From there, the crude oil is transported by tanker.īesides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. It was founded in 1896 and is headquartered in London, United Kingdom.Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.
The company was formerly known as Barclays Bank Limited and changed its name to Barclays PLC in January 1985. Barclays moves, lends, invests, and protects money of more than 48 million customers and clients worldwide. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs more than 147,500 people.
It also offers international payments services for consumer and business customers, including credit cards and consumer lending services investment banking services comprising strategic advisory, financing, and risk management services to large corporate, government, and institutional clients integrated corporate banking solutions, including cash management, lending, and trade financing services to corporate and financial institutions as well as multinationals and a range of wealth and investment management services such as international and private banking, investment management, fiduciary, and brokerage services. The company offers current accounts, savings products, Woolwich-branded mortgages, unsecured loans, general insurance, and banking and money transmission services to small- and medium-sized businesses investment and insurance products business lending services bank assurance solutions and retail, credit and debit card, and corporate services. It is engaged in retail banking, credit cards, corporate and investment banking, and wealth management with an extensive international presence in Europe, the Americas, Africa, and Asia. Barclays PLC is a global financial services company that provides various financial products and services worldwide.
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