oil industry
/ˈɔɪl ˈɪndəstri/ · oil in dus·tri
noun
- The sector of the economy that deals with the exploration, production, refining, and distribution of petroleum products. The oil industry has been a major driver of economic growth in many countries.
- The companies and organizations involved in the extraction, processing, and sale of oil and its byproducts. The oil industry is a complex network of companies and governments that work together to meet global energy demands.
Did you know? The oil industry has played a significant role in shaping global politics and economies, with many countries relying heavily on oil exports for revenue.