As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The global crude oil market is being driven by its growing demand and consumption in emerging economies. The global crude oil reserve reached a volume of around 1729 thousand million barrels in 2018, displaying a slight increase from 2016. While the Middle East is the largest oil-producing region in the world, the Asia Pacific is a leading crude oil consumer, driven by the rapidly developing emerging economies within the region such as India and China. The Middle East is also a major exporter of crude oil as it has easy access to significant crude oil consumers in the Asia Pacific and Europe. The Middle East exported nearly 24640 million tons of crude oil in 2018.
BP plc is a multinational oil and gas company. In September 2019, BP (NYSE: BP) announced its deployment of continuous methane emissions measurement for its major oil and gas processing projects in the future. The continuous measurement will require the use of instruments such as gas cloud imaging (GCI) and others, which will be rolled out to all new major projects worldwide. The implementation of this technology is a major step-change in the oil and gas industry’s approach to detecting, measuring, and reducing methane emissions, thus driving the growth of the global crude oil industry as consumers and industry players are increasingly demanding safety and sustainability measures.
Moreover, in June 2019, BP announced the divestiture of its mature oil assets in Egypt to the wholly owned subsidiary of the Emirates National Oil Company (ENOC), Dragon Oil. Dragon Oil, Dubai-based oil and gas company will purchase BP’s producing and exploration concessions, along with its interests in Gulf of Suez Petroleum Company (GUPCO). This step is a part of the company’s plan to divest more than USD 10 billion of its global assets over the next two years. In the past four years, the company has invested around USD 12 billion in Egypt – more than anywhere else in their portfolio – and further plans to invest another USD 3 billion over the next two years, as, for BP, Egypt remains a core growth and investment region. The company is aiming to triple its 2016 net production from Egypt by 2020, thus, expanding its market and further aiding the crude oil industry, globally.
Market Breakup by Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global crude oil market are Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Gazprom, Chevron Corporation, and Petroliam Nasional Berhad (PETRONAS), among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.