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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 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 industry as consumers and industry 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 industry, globally.
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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.
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