Oil is an important resource in global strategy that affects the geopolitics and global economy. Comment.

Oil is the resource which generates immense wealth, hence it creates political struggles involving industrialized countries to adopt various methods to ensure steady flows of oil: 

1. These include deployment of military process near exploitation sites and along sea lanes of communications. 

2. The stockpiling of strategic resources. 

3. They support multinational companies by making favorable international agreements. 

4. The global economy relied on oil as a portable and indispensable fuel, hence, the history of petroleum is the history of war and struggle. 

5. It created conflict between Iraq and Saudi Arabia as Iraq’s known reserves are second only to Saudi Arabia and since substantial portions of Iraqi territory are yet to be fully explored, there is a fair chance that actual reserves might be far larger.