Tap into the opportunities of the world’s petroleum reserves
Petroleum, derived from the Greek words petra and oleum, meaning rock and oil, respectively, is a complex mixture of hydrocarbons found under the Earth in liquid, gaseous, or solid form. It is a fossil fuel created by the decomposition of organic matter under intense heat and pressure over millions of years. Recovered by oil drilling, petroleum or crude oil is refined to produce fuel to power automobiles and machines, and it is also used to manufacture plastics and other materials. Used across civilisations and sectors since ancient times, it has played a critical role in society, economy, politics and technology. The commodity’s unparalleled stature makes petroleum trading drive the economy’s wheels.
Crude oil, also referred to as ‘Black Gold’, is a naturally occurring raw petroleum product refined to produce gasoline, heating oil, diesel and many other petrochemicals. It is very much a part of the lives of every human being since it is used in laptops, PCs, medicines, recreational sports items, cosmetics and even the tea sector. It is one of the world’s most economically mature commodity markets. With its production being carried out in remote locations, it needs to be transported to the point of consumption, mainly via waterway.48% of crude oil reserves are in middle eastern countries. The Organisation of Petroleum Exporting Countries or OPEC controls almost 40% of the world’s crude oil production.
The world did not realise the true worth of diesel until Rudolf Diesel designed the first engine capable of using this by-product. Diesel sparked a revolution because, as a fuel, it doesn’t need to be externally ignited. Instead, it is compressed in the liquid form to extreme pressures to cause it to ignite. It is acquired from crude oil extracted through wells and offshore rigs. At refineries, the crude oil is converted into gasoline, diesel, kerosene, and other extracts through the distillation process.
Since the discovery of diesel power, it has reached a point where the fuel dominates the commercial and industrial sectors today. Today, it powers almost all trucks, commercial vehicles, public transport, boats, and equipment used in farms, construction and the military.
Jet fuel, colourless to straw-coloured in appearance, is required for gas-turbine engines that run aircraft. It is also called Aviation Turbine Fuel (ATF) or avtur, for short. Jet fuel is a mixture of a variety of hydrocarbons, and it is defined as a performance specification rather than a chemical compound because the exact composition of jet fuel varies widely based on the petroleum source.
Jet fuel is the third most crucial transportation fuel and is available in three types: Jet A, Jet A1 and Jet B. The most commonly used for commercial aviation, Jet A and Jet A-1, are produced to a standardised international specification. While Jet B, with its enhanced cold-weather performance, is used in civilian turbine-engine powered aviation. The worldwide demand for jet fuel has been steadily increasing, and its consumption has more than tripled in 30 years, from 1,837,000 barrels/day in 1980 to 5,220,000 in 2010.
Liquefied Petroleum Gas (LPG, LP gas, or condensate) is an alternative fuel containing a flammable mixture of hydrocarbons in a gaseous state under normal temperature and pressure conditions. It is subjected to moderate pressures or lower temperatures to store it in a liquid form. The varieties of LPG traded include mixes that are mostly propane (C3H8) and mostly butane (C4H10). The most common mixes include both propane and butane. When used as a vehicle fuel, it is referred to as autogas. The two sources of LPG are the extraction of oil and natural gas from the earth and the refining of crude oil from oil wells. The United States of America is the leading producer and exporter of LPG.
LPG has great potential as an energy source and is used as a fuel gas in heating appliances, cooking equipment, and vehicles. It is being used as an aerosol propellant and a refrigerant in an effort to replace chlorofluorocarbons to reduce damage to the ozone layer.
Liquefied natural gas (LNG) is an odourless, colourless, non-toxic and non-corrosive natural gas predominantly containing methane, CH4, with some mixture of ethane and C2H6. It is cooled to a liquid state at about -260° Fahrenheit to occupy only 1/600th the volume in the gaseous state. This liquefaction process, which was developed in the 19th century, made shipping and storage of LNG easier and safer.
Natural gas remained economically unimportant until the developments of production processes, cryogenic storage, and transportation led to the tools helping its commercialisation. The LNG storage evolution allowed it to compete with other fuels in the global market and made it possible to create long-term storage reserves. The residential uses for LNG include cooking, heating homes and generating electricity. Commercially, it is used for heating, generating electricity, manufacturing products like fertilisers, paints and medicines, and sometimes fueling commercial vehicles.
Traiding with enso
Enso Trading is your perfect partner to source and deliver petroleum. We give you access to all the critical crude grades available worldwide. Our network is present in all major oil trading regions, and our supply chain adds value at every step, from procurement to logistics to storage. Besides the commodity, our clients depend on us for our bespoke services and excellent customer support. Our knowledge of the oil markets and the trade’s intricacies garners us our reputation.
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