It's in almost everything we use, from the screen you're watching this on to the toothbrush you used this morning.
While consumers benefit through lower petrol prices and energy costs - leading oil-producing nations are suffering from the dramatic fall in the price of oil.
Ministers have been meeting in Doha to discuss a possible production freeze.
They hope lower output will cause prices to rise and revive government budgets which rely on oil revenue.
Ministers met against the backdrop of rising tensions between Saudi Arabia and Iran, who don't see eye to eye on much, including oil production levels.
Would a production freeze have the desired effect for oil producing nations?
Presenter: Hazem Sika
Kamil Al Harami - Independent oil analyst.
Cornelia Meyer - Oil and gas specialist and CEO of MRL Corporation.
John Sfakianakis - Director of Economics Research at the Gulf Research Center.
Source: Al Jazeera