The Middle East produces a lot of oil.
Fluctuations in oil prices affect the economy.
Colloquial use for kerosene (lamp oil/heating oil), especially in older or rural contexts. Modern standard term is 灯油.
See also: 灯油
My grandmother calls it a 'kerosene heater' using 石油, but nowadays it's more often called a 灯油 heater.
Oil drilling operations are continuing in this region.
I filled the heater with kerosene beforehand.
Many countries still depend heavily on oil.
It is said that oil reserves will eventually run dry.
Japan imports a large amount of oil.
石油 is the petroleum substance itself, whereas 油田 is the geographic area where that petroleum is found.
petroleum wax
moving away from oil dependence; oil independence