The purpose of this research paper is to discuss the importance of corrosion monitoring technology and development in the industrial petroleum sector in terms of cost reduction. A survey of the most common methods used to monitor corrosion rates and a comparison of monitoring methods; in terms of applicability, loss saving and speed of monitoring has been carried out to give people reading this research an idea of ​​these methods. Using the data found in the resources and the data collected through the survey and interviews, a general idea of ​​the importance of developing corrosion monitoring methods can be concluded. Due to the economic losses that corrosion causes every year, it was necessary to carry out serious measurements to try to stop such large losses or at least reduce them to the minimum level. In the survey, 100% voted that corrosion monitoring is of paramount importance in industrial areas. Decide what are the best ways to monitor the rate of corrosion; is another idea that can be concluded from the data provided in this research. There are several monitoring methods available, but this research focused on the most commonly used ones. The coupon method, for example, is widely used to test materials, to know their properties and corrosion resistance, before implementing them in the design or structure. Fiber optics, which is the newer method, provides faster readings and monitoring results, which means a quicker response to corrosion development. The survey scores also gave an idea of ​​how quickly a method can deliver results and also how much each method can save. The worst implication in the application of any corrosion monitoring system is the integral part. This means that applying the corrosion monitoring system for the first time requires a good understanding and awareness of the development in this field. Deciding which method is best for the company and how much a company might invest in a system requires a lot of knowledge. The company is also willing to invest some money in upgrading the monitoring system it is using and also in maintenance from time to time. It is also a good opportunity to remember that corrosion monitoring data by itself may be of relatively limited value. It must be transformed into information for decision-making purposes. While it is impossible to monitor a corrosion problem, you can use corrosion monitoring to better understand such problems and implement effective solutions.