Oil is the most important commodity of the present times. The
importance of oil cannot be denied. Oil is the major source of
energy. It is a prerequisite for the industrial sector, agro-
based industrial development and traditional agriculture. The
demand for oil is increasing day by day. The world consumes 76
million barrels of oil a day. According to the IMF, if the price
of oil is increased by 5 dollars per barrel, and if it is
sustained for a year, the global economic growth rate will
decrease by 0.5%. This shows the crucial importance of oil as a
source of fuel. The renaissance movement (rise of the modern
world) brought about the industrial revolution. The industrial
revolution divided the world into two distinct groups.
Industrial countries of the west became the developed countries
(DC’s). The second group is the group of the underdeveloped
countries (UDC’s). These countries could not enjoy the fruits of
industrial revolution. The development and growth of the
developed countries solely depend upon the