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The global market for reserve crude oil has slightly improved over the years from 2016 to 2018. The Middle East, Venezuela, Canada, and Russia are the world's largest oil reserves. Venezuela occupies the largest reserves, sharing about 17.5% of the overall global market share in the year 2018, followed by Saudi Arabia. The United States is the leading oil-producing country in the world, with nearly a fifth of the global market share in the reserve oil industry. The country is followed by Saudi Arabia and Russia as the largest oil producers.
North America and the Middle East are the leading consumers of crude oil. North America is one of the largest oil-consuming regions owing to the presence of shale oil deposits and their higher exploitation with the aid of advanced technology. Within the region, the United States heavily imports crude oil from Mexico and Canada to be further processed in the country's refineries. The emerging economies, like China and India, have witnessed an increase in the demand for reserve crude oil on account of the increasing commercial vehicles and rapid urbanisation in the countries.
Exxon Mobil Corporation (NYSE: XOM) and BP plc (NYSE: BP) are the major key players in the global market for reserve crude oil. In September 2019, Exxon Mobil Corporation announced the discovery of oil on the Stabroek Block offshore Guyana at the Tripletail-1 located in the Turbot area. The discovery has led to the addition to the already announced recoverable resource of beyond 6 billion oil-equivalent barrels on the Stabroek Block, further enhancing the market growth. Moreover, the development of various technologies will turn the crude oil extraction process economically feasible, boosting the industry over the forecast period.
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Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Public Joint Stock Company Gazprom, and Chevron Corporation, among others, are the key players in the global reserve crude oil market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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