Crude oil is at a critical moment due to the war between Russia and Ukraine since Russia is one of the top ten exporters of oil and natural gas in Europe. For this reason, we invite you to read this post, where you can find an API that will find you the best currency to invest in crude oil!
Petroleum is a mixture of organic compounds, mainly hydrocarbons insoluble in water. It comes from the decomposition of millions of years of fossils and works as one of the most used fuels in the world for cars, transport, machinery. Also known as black gold, crude oil, or simply crude, crude oil is a non-renewable resource and is currently also the main source of energy and raw material for the generation of a wide variety of derivatives, including most plastics. The countries with the largest oil reserves in the world are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, Russia and the United Arab Emirates.
In countries like New Zealand, which are countries that are just beginning their expansion in the world, oil has a significant portion of the pie in the state economy. Almost all of the fuel that New Zealand sells comes from overseas. Around 70% of the production is made from crude oil sourced from the Middle East and Far East Ocean. The most important fields of Crude Oil in New Zealand are Kapuni, Maui, Pohokura and Kupe. Exploration for oil and gas reserves includes the Great South Basin and offshore areas near Canterbury and Gisborne.
So, to avoid stock market crashes during the Russia-Ukraine conflict, many European investors have started betting on oil produced in New Zealand. To follow the statistics and receive reports on the movement of the New Zealand currency on the stock market, many experts use the Commodities-API.
What Is Commodties-API?
Commodities-API is an open and online service that offers you with an API, or program, that receives real-time data in multiple currencies about numerous fundamental items such as maize, wheat, and petrol. It has a speed of 60 seconds and an accuracy of two decimal places.
Where Does The Data Come From?
The Commodities-API service collects commodity price data from over 15 reliable data sources every minute. Among the sources are banks and financial data businesses.
Is It Accurate?
The Commodities-API allows you to get data in whatever currency you choose, with an accuracy of 2 decimal points and over 170 distinct choices. You can also get 60-second data updates and conduct 100.000 API requests every month.
For more information, check their website.