The Oil sector has been at the heart of the modern economy for quite some time. To trade this commodity profitably, one must adequately understand the role of Oil in world trade.

Whereas the big Oil companies traditionally played the lead role of the industry in the past, the balance of Oil power has radically changed over the decades. Here are 5 facts you need to know about this precious commodity.

1. When financial analysts talk about “a barrel” of Oil, they are referring to 159 liters, or 42 US gallons of the commodity.

2. The U.S. consumes 1.85 billion barrels per day of Oil. No country in the world consumes more Oil.

3. 45% of crude (i.e. unprocessed) oil is allocated to be used as gasoline.

4. At the end of the 1960′s, the seven sisters (a.k.a the world’s seven largest oil companies), controlled 85% of the world’s Oil.

5. Today, the Oil is back into the hands of the governments in control of the territory where the Oil lies. OPEC controls 81% of the world’s known oil reserves.