The document discusses the global oil market. It defines oil and describes the four main types. It explains that oil is made from ancient plankton and stored underground in rock pores. Oil is used for transportation fuels, asphalt, fertilizer, heating and many petrochemical products. OPEC aims to ensure fair oil prices and supply. The global market functions as a single integrated system, so factors like discoveries, production levels, economic growth, and geopolitics influence prices. Prices may rise if supply falls short of demand or fall if there is excess supply.