Everyone realizes that the oil-based products, which we see every day, are not in their natural intensive, black, crude form. Even in school we learned about the process of refining the oil, how to obtain various products and materials out of raw oil. Also, I think it's important for people to know about this process, because many earn their living from the sale and purchase of this raw material, or from its derivatives and byproducts.
The West Texas Intermediate is, together with Brent Crude, one of the most important western oil. It is usually called light and sweet, because of its low density and low sulphur (less than 0.5%) concentration. The amount of the API gravity is 39.6 and the specific gravity 0.827.
The Organization of Petroleum Exporting Countries gave its on year rotating presidency to the second-largest crude producer member, to Iran. Now, the most oil traders are focusing on this coming event in Vienna, because the oil minister of Iran isn't Masoud Mir-Kazemi anymore.
If we speak about oil buyers, we should do it from the view of the seller.If we have some crude oil, we cannot do anything with it, until we don't sell it. Oil can only be wrought and used in refineries, so it has no use having it at home. Also, we need to know what kind of oil we have, to know what kind of buyers we should search for.
Although oil is one of the basic materials for the modern industry, it isn't a new resource element in the history of humanity.
Our ancestors knew about it thousands years ago, because it was quite easy to find crude from the ground.
Oil has a lighter density than water, and one may find it actually on the surface of sand-, shale clay-, or different carbon sediment floors.