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Industries · Energy and resources

Oil and gas

How oil and gas moves from the well to the fuel pump: upstream, midstream and downstream, what a barrel costs to produce, how refineries earn their margin, who the national oil companies are, how OPEC+ and the 2026 Gulf disruption affect prices, and how to crack oil and gas cases.

38 min3 lessons Last reviewed
Start lesson 1 How oil and gas works: from the well to the fuel pump

Key takeaways

  • Oil and gas has three parts. Upstream finds and produces crude oil and natural gas.
  • An upstream barrel is worth producing when the oil price covers the cost to develop and lift it plus the government's share.
  • Most oil and gas cases turn on three things: the oil price, the cost per barrel, and large capital decisions.
By the end you will be able to
  • Explain upstream, midstream and downstream and how each one makes money
  • Calculate lifting cost, a breakeven oil price and a refining margin
  • Describe the supply chain from exploration to the retail station, including LNG
  • Name the main types of players by region, including national oil companies in the Gulf
  • Pick the first driver to check in the most common oil and gas case prompts

Lessons

1

How oil and gas works: from the well to the fuel pump

The three parts of the industry, who buys what, how each part makes money, and the numbers the industry watches.

12 min
2

Oil and gas economics and supply chain: breakeven, refining margin, operations

What one barrel costs, when a field is worth developing, how a refinery earns its margin, and how oil, products and LNG move around the world.

14 min
3

Oil and gas players, trends 2024 to 2026, and how to crack the cases

National oil companies, OPEC+ in neutral terms, the 2026 Gulf disruption, the energy transition, regulation basics, typical prompts, traps and drills.

12 min

Worked cases in this module

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Key terms