The global oil demand has increased to 2.5 million barrels a day. In order to meet the rising demand new refineries are being set up in different locations in the oil producing nations. Some of the important areas for the refining industries are Africa, Asia, and Caribbean countries, Americas, Oceania, Middle East and Europe. Different oil producing nations ie, nations who are not a part of Organization of the Petroleum Exporting Countries (OPEC) are contributing to the oil supply in order to meet the rising demand worldwide. US are becoming one of the important players in the market joined by Canada, Argentina and Brazil who are supplying more barrels of oil. Some of the OPEC countries like Iraq and the UAE are trying to increase its production by churning out oil from unexplored reserves. However, these nations face a great uncertainty in terms of its political conditions.
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