Global Crude Oil Market to Grow at a CAGR of 0.9% over the Forecast Period of 2024-2032

The global crude oil market is being driven by its growing demand and consumption in emerging economies. The global crude oil market reached a volume of around 99.80 MB/d in 2018. 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.

BP plc is a multinational oil and gas company. In September 2020, 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 market as consumers and market players are increasingly demanding safety and sustainability measures.

Moreover, in June 2020, 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 2021, thus, expanding its market and further aiding the crude oil market, globally.

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Market Breakup by Region:

• Region-wise, the global crude oil market can be divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increases in the exploration of shale oil deposits and reserves, especially in the United States, is driving the growth of the global crude oil market.
• The increased demand for refinery products like diesel and gasoline is further aiding the global crude oil market.
• The growing automotive sector and increased production of vehicles, particularly in the emerging economies, are further impacting the market positively.
• With the advancement in technology, rapid urbanisation, and growing industrialisation, the market for crude oil is further witnessing a heathy growth.

Key Offerings of the Report:

• The EMR report gives a detailed overview of the global crude oil market, providing an insight into the regional markets of the product for the periods (2018-2023) and (2024-2032).
• The report gives the regional historical (2018-2023) and forecast (2024-2032) price trends of crude oil.
• The global trade data analysis has also been provided in the report by EMR, covering the value and volume of the leading import and exporting countries.

The major players in the global crude oil 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. 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.

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