The rise of oil’s big three, part 1: The transition to oil
In this first part of the first chapter of our 90th anniversary special on the history of oil, we look at oil’s humble beginnings and the start of its rise to prominence
Oil was once considered a major irritation. During the latter half of the 18th century, the commercial production of salt meant drilling for salt water and encountering the challenge of petroleum and gas. Salt is impermeable and does not dissolve in oil, so it often sets the boundaries of the oil deposits in the ground. It was those salt drillers that helped extract oil from the first commercial oil well. And the importance of the resource gained traction with new products and especially with the discovery of kerosene, a clear liquid produced originally by distilling coal (‘coal-oil’) by Abraham Gesner in 1846. Kerosene would become popular as a cheap, clean fuel for lighting homes when kero
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations






