Crude oil is one of the most economically mature commodity markets in the world. It is an unprocessed petroleum product that becomes refined and processed into diesel, petrol, kerosene, and other petroleum products, which have a wide range of uses, from fuel for combustion engines to a raw ingredient for the production of plastics and other petrochemicals.
Crude oil market growth is continuously increasing. By 2050, the world's population is expected to grow by 2 billion, to 9.7 billion from 7.7 billion. This means that this additional population requires extra public and private transportation, and also household and personal grooming products such as detergents, plastics, and cosmetics.
These factors are expected to enhance crude oil demand, helping to maintain the global crude oil market on a high growth path. However, energy experts believe that in this scenario no single source of energy can meet the entirety of increased global energy demand.
To address these issues, several global energy shows and conventions are conducted every year world-wide. Consistent with these efforts, the 27th edition of the Iran International Oil, Gas, Refining and Petrochemical Exhibition dubbed Iran Oil Show was inaugurated in Tehran on 17 May.