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The petroleum industry often characterizes crude oils according to their geographical source, e.g., Alaska North Slope Crude. Oils from different geographical areas have unique properties; they can vary in consistency from a light volatile fluid to a semi-solid.The recent exploration and production activities in the country have led to adramatic increase in the output of oil. The country currently produces 35million tonnes of crude oil, two-thirds of which is from offshore areas, and imports another 27 million tonnes. Refinery production in terms of crude throughput of the existing refineries is about 54 million tonnes. Natural gas production has also increased substantially in recent years, with the country producing over 22,000 million cubic metres. Natural gas is rapidly becoming an important source of energy and feedstock for major industries. By the end ofthe Eighth Five-Year Plan, production was likely to reach 30 billion cubic metres. Factors Influencing Crude Oil Markets Shortage of oil supplies, Taxation - When oil taxes are raised, end consumers often mistakenly blame the oil producers, but it is really their own governments that are responsible.  Balance of demand and supply in the short term, Rate of investment in the longer term, Accidents,Bad weather, Increasing demand, Halting transport of oil from producers and  Labour disputes

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