There are three key points about oil that were discussed: 1. Oil is a natural mixture of hydrocarbons that varies in density and sulfur content, with lighter crudes being more valuable. 2. Oil is refined through distillation, cracking, combining, modifying, and treating to separate it into usable products like gasoline. 3. While demand for oil is driven by economic growth, supply comes from various sources around the world including onshore and offshore wells, with the Middle East being the top production region collectively.