Petroleum is not just a commodity but a vital strategic asset with an impact on almost all aspects of the global economy.Although petroleum products are widely used all over the world,petroleum reserves, production and refineries are dominated by a handful of countries.The bulk of international petroleum trade,as well,involves a few major countries,some on the export side,some on the import side. Petroleum is not just a commodity but a vital strategic asset with an impact on almost all aspects of the global economy. Although petroleum products are widely used all over the world, petroleum reserves, production and refineries are dominated by a handful of countries.The. of international petroleum trade, as well, a few major countries, some on the export side, some on the import side.