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Global Crude Oil Market Trends, Size, Analysis, Forecast: Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand, EMR’s Key Indicators for Price; Value Chain Analysis; Trade Data Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Crude Oil Market Outlook
The global crude oil market size reached approximately 100.50 MB/d in 2023. The market is projected to grow at a CAGR of 0.9% between 2024 and 2032, reaching around 108.69 MB/d by 2032.
Key Takeaways
- US oil output reached an unprecedented peak of 13.3 million barrels per day in December 2023.
- As one of the leading oil-producing countries globally, Saudi Arabia’s production is around 9 million bpd.
- In 2022, Canada's oil production reached a total of approximately 4 to 5 million bpd.
Crude oil refers to a mixture of hydrocarbon and organic materials that is formed from the remains of plants and animals. It is a non-renewable resource that is refined into products such as gasoline, petrochemicals, and jet fuels, among others. It plays an integral role in energy production, and its derivatives are extensively used in products that form the building blocks of modern society.
One of the major factors driving the crude oil market growth is the global economic expansion, which demands increased energy and power, impacting global oil demands.
The transportation sector, which encompasses air travel, shipping, and road transport, is the largest consumer of oil/ petroleum. The Organisation of the Petroleum Exporting Countries (OPEC) plays a significant role in establishing petroleum policies among Member Countries, securing stable prices for petroleum producers. Decisions made by OPEC regarding oil production levels can significantly impact oil prices. Reductions in production quotas are usually aimed at boosting prices, while increases are typically intended to lower prices or meet higher demands.
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Key Trends and Developments
Increasing popularity of air travel; usage of hydrocarbons in everyday products; advancements in extraction technologies; and deployment of technologies like AR, AI, and 3D; are the key trends driving crude oil demand
| Date | Company/ Government | Event |
| Feb 7th, 2024 | ExxonMobil | Plans to undertake exploration activities for oil and gas in an offshore area of the South American coast, with intentions to drill two exploration wells. |
| Dec 12th, 2023 | Aramco | Finalised agreements to secure a 40 per cent equity share in Gas & Oil Pakistan Ltd. ("GO"). |
| Oct 23rd, 2023 | Chevron | Announced its intention to acquire Hess Corporation in a transaction valued at USD 53 billion. |
| Feb 6th, 2024 | Indian Government | Announced its decision to rent out approximately 1 million tonnes of unused strategic crude oil storage space to both Indian and foreign firms. |
| Trends | Information/ Impact |
| Popularity of air travel | Increasing popularity of air travel, supported by low-cost airlines |
| Aviation turbine fuel | Derived from crude oil and plays a crucial role in powering turboprop and jet-engine aircraft |
| Extensive usage of hydrocarbons in everyday products, including plastics | Crude oil is a significant raw material in plastic production, along with other hydrocarbons, which have wide ranging applications in modern lives |
| Advancements in extraction technologies | Likely to reduce costs associated with recovering and extracting crude oils while facilitating the extraction of fossil fuels from depleted fields |
| Deployment of technologies | AR, AI, and 3D support engineers in locating small pools of oils, developing visual representations of reservoirs, and predicting and evaluating recoverable oils |
Crude Oil Market Trends
The deployment of advanced technologies such as augmented reality (AR), artificial intelligence (AI), and 3D modelling in the oil and gas sector has significantly enhanced the exploration, extraction, and management processes. AR can assist engineers and technicians in visualising subsurface geological formations in real-time, overlaying data such as drilling plans or seismic data onto the physical landscape. AI can predict the likelihood of finding oil in new locations by analysing geological data, historical exploration data, and other relevant factors. Meanwhile, 3D models help in the accurate characterisation of reservoirs, allowing engineers to understand the distribution of oil, gas, and water within the rock formations.
Chevron publicly declared its plans to acquire Hess Corporation in October 2023 in a monumental deal valued at USD 53 billion. This strategic move positions Chevron as the second major American energy corporation to undertake a significant investment in the fossil fuel sector and make it a vital player in the crude oil market. The acquisition underscores Chevron's commitment to bolstering its portfolio in oil and gas production, reflecting a strong belief in the long-term value of fossil fuels as an essential component of the global energy mix. By integrating Hess Corporation into its operations, Chevron aims to enhance its production capabilities, expand its reserves, and solidify its standing in the competitive energy market.
Market Segmentation
“Crude Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Crucial stages involved in the upstream process
The upstream sector, also known as the exploration and production (E&P) sector, encompasses all activities related to searching for, recovering, and producing crude oil and natural gas from underground or underwater fields. This sector involves the initial steps of identifying potential hydrocarbon deposits through geological and geophysical surveys, followed by drilling exploratory wells to confirm their presence.
Once a viable reservoir is located, the sector moves into the development phase, establishing the necessary infrastructure to extract, process, and temporarily store these resources before they are handed off to the midstream sector for transportation. Critical for meeting the global energy demand, the upstream sector combines advanced technology, significant investment, and specialised expertise to navigate its complex, high-risk environment efficiently.
Rising demand for petrochemicals supports the crude oil market
The demand for petrochemicals is experiencing a significant surge owing to its extensive usage as a raw material or an intermediate in diverse industries, including chemicals and energy and utility. Crude oil serves as a starting material in the production of petrochemicals, hence the rising demand for petrochemicals for various applications, including to power modern energy systems, favours the crude oil market.
The key market players are also capitalising on this trend by designing innovative processes, utilising advanced equipment, and initiating research and development activities to integrate petrochemical complexes with refineries. The development of technologies such as crude oil-to-chemicals (COTC) that can directly convert crude oil into chemicals is anticipated to further bolster the crude oil market growth in the coming years.
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Competitive Landscape
The market players are increasing acquisition and exploration activities to gain a competitive edge in the crude oil market
| Company | Specialisation | Goals |
| Nobel Energy Management LLC | Integrated energy development, production, and services company | Create a low-carbon and sustainable future through innovative solutions and advanced technologies |
| Valero Energy Corporation | Leading producer of renewable fuels and a global petroleum refiner | Produce low-carbon fuels, corn ethanol, and renewable diesel |
| Occidental Petroleum Corporation | Leading producer of essential products and energy | Develop a sustainable future by leveraging leadership in carbon management |
Other players in the crude oil market include China Petrochemical Corporation, ConocoPhillips Company., Devon Energy Corporation, Marathon Oil Corporation, PJSC NK Rosneft, Saudi Arabian Oil Company (Saudi Aramco), Kuwait Petroleum Corporation, China National Petroleum Corporation, China National Offshore Oil Corporation, Reliance Industries Limited, Petróleo Brasileiro S.A., and Equinor ASA.
Crude Oil Market Analysis by Region
The Middle East is one of the largest producers of crude oil. Due to its proximity to Europe and the Asia Pacific, the import of crude oils from the region is significantly increasing. Players in countries such as Saudi Arabia, Iraq, and the United Arab Emirates are also expanding their production facilities to meet the growing demand for crude oil globally. The geological characteristics of the Middle East's oil fields allow for relatively easy and inexpensive extraction compared to other parts of the world. The oil in this region is often found in large, conventional fields that are accessible at lower depths, reducing the complexity and cost of extraction.
Meanwhile, North America is also expected to occupy a significant crude oil market share due to advancements in extraction technologies and increasing exploration of shale oil reserves and deposits. The region has also made strategic investments in developing the necessary infrastructure for oil production, transportation, and exportation which includes pipelines, rail networks, and port facilities capable of handling crude oil exports. The North American crude oil market has demonstrated resilience and adaptability in the face of market fluctuations and geopolitical challenges. Producers have continuously worked to lower production costs and improve efficiency, making North American oil more competitive on the global stage.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Crude Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Crude Oil Historical Market (2018-2023)
8.3 Global Crude Oil Market Forecast (2024-2032)
8.4 Global Crude Oil Market by Region
8.4.1 Market Share
8.4.1.1 North America
8.4.1.2 Europe
8.4.1.3 Asia Pacific
8.4.1.4 Latin America
8.4.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Global Reserve Crude Oil Market
12.1 Global Reserve Crude Oil Historical Market (2018-2023)
12.2 Global Reserve Crude Oil Market Forecast (2024-2032)
12.3 Global Reserve Crude Oil Market by Region
12.3.1 North America
12.3.2 Europe
12.3.3 Asia Pacific
12.3.4 Latin America
12.3.5 Middle East and Africa
13 Global Crude Oil Price Analysis
14 Global Crude Oil Trade Data Analysis - HS Code (2709)
14.1 Major Exporting Countries: By Value and Volume
14.2 Major Importing Countries: By Value and Volume
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Hess Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 China Petrochemical Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 ConocoPhillips Company.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Nobel Energy Management LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Devon Energy Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Marathon Oil Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 PJSC NK Rosneft
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Saudi Arabian Oil Company (Saudi Aramco)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Kuwait Petroleum Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 China National Petroleum Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Occidental Petroleum Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Valero Energy Corporation
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 China National Offshore Oil Corporation
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Reliance Industries Limited
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Petróleo Brasileiro S.A.
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 Equinor ASA
15.2.16.1 Company Overview
15.2.16.2 Product Portfolio
15.2.16.3 Demographic Reach and Achievements
15.2.16.4 Certifications
15.2.17 Others
16 Industry Events and Developments
List of Key Figures and Tables
1. Global Crude Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Crude Oil Historical Market: Breakup by Region (USD Million), 2018-2023
3. Global Crude Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
4. North America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
5. North America Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
6. Europe Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
7. Europe Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
8. Asia Pacific Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
9. Asia Pacific Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Latin America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
11. Latin America Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Middle East and Africa Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
13. Middle East and Africa Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Major Exporting Countries by Value
15. Major Importing Countries by Value
16. Major Exporting Countries by Volume
17. Major Importing Countries by Volume
18. Global Reserve Crude Oil Market, 2018-2032
19. Global Reserve Crude Oil Historical Market: Breakup by Region (USD Million), 2018-2023
20. Global Reserve Crude Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
21. Global Crude Oil Market Structure
Key Questions Answered in the Report
In 2023, the market attained a volume of nearly 100.50 MB/d.
The market is assessed to grow at a CAGR of 0.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 108.69 MB/d by 2032.
The major market drivers are the increasing popularity of air travel and the extensive usage of hydrocarbons in everyday products.
The key trends aiding the market growth are the rising demand for petrochemicals, advancements in extraction technologies, and increasing exploration of shale oil reserves and deposits.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major players in the market are Hess Corporation, China Petrochemical Corporation, ConocoPhillips Company, Nobel Energy Management LLC, Devon Energy Corporation, Marathon Oil Corporation, PJSC NK Rosneft, Saudi Arabian Oil Company (Saudi Aramco), Kuwait Petroleum Corporation, China National Petroleum Corporation, Occidental Petroleum Corporation, Valero Energy Corporation, China National Offshore Oil Corporation, Reliance Industries Limited, Petróleo Brasileiro S.A., and Equinor ASA, among others.
Analyst Review
The global crude oil market attained a volume of nearly 100.50 MB/d in 2023, driven by the rising demand for fuel oil. Aided by a rise in the fuel demand for vehicles and an increase in the export opportunities for refinery products, the market is projected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 0.9% to reach around 108.69 MB/d by 2032.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. The major regional markets for crude oil market are North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The major players in the market are Hess Corporation, China Petrochemical Corporation, ConocoPhillips Company, Nobel Energy Management LLC, Devon Energy Corporation, Marathon Oil Corporation, PJSC NK Rosneft, Saudi Arabian Oil Company (Saudi Aramco), Kuwait Petroleum Corporation, China National Petroleum Corporation, Occidental Petroleum Corporation, Valero Energy Corporation, China National Offshore Oil Corporation, Reliance Industries Limited, Petróleo Brasileiro S.A., and Equinor ASA, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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