GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The major crude oil markets are the
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Middle East regions
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far east regions
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both (a) and (b)
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None of the above
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Explanation:
Detailed explanation-1: -Crude oil is traded in the futures markets. A futures contract is a standard contract to buy or sell a specific commodity of standardized quality at a certain date in the future. If oil producers want to sell oil in the future, they can lock in their desired price by selling a futures contract today.
Detailed explanation-2: -Heavy, light, synthetic – each type of crude oil serves a particular market, and each fetches a different price. Heavy oil. Light oil.
Detailed explanation-3: -upstream (exploration, development and production of crude oil or natural gas) downstream (oil tankers, refiners, retailers and consumers)
There is 1 question to complete.