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Oil is any neutral, nonpolar chemical substance that is a viscous liquid at ambient temperatures and is both hydrophobic and lipophilic. Oils have a high carbon and hydrogen content and are usually flammable and slippery.

Electricity will increasingly power the world's economies in the 21st century, rivalling oil as the dominant energy carrier, according to a report by the International Energy Agency in 2014.

Fast facts

60% price drop

After years of relatively stable, record- high prices, the oil market collapsed by roughly 60% from its June 2014 high above USD 115/bbl for front-month ICE Brent to below USD 46/bbl in January 2015.

5.2 million barrels

Supply predicted to grow far more slowly than previously projected, but global capacity is still forecast to expand by 5.2 million barrels per day by 2020.

Src. International Energy Agency 2012