Reports
Global Crude Oil Market Share, Size, Growth, Trends, 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; 2018-2028
Global Crude Oil Market Outlook
The global crude oil market is aided by the rising demand for fuel oil. The demand for fuel oil reached a volume of 104195.75 Kbpd in the year 2022. The demand is further expected to grow at a CAGR of 2% between 2023 and 2028 to attain a volume of 117341.41 Kbpd by 2028.
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In 2018, there was a slight increase in the proven crude oil reserves globally as compared to 2016. The global reserve was estimated to be around 1729 thousand million barrels in 2018. Non-OECD countries represented the majority of these reserves, accounting for 85.7% of these reserves. North America and the Middle East and Africa had the largest crude oil consumption in 2018, followed by Australia, Japan, and the Netherlands. North America is one of the largest oil-consuming regions, driven by large shale oil deposits and the technological capability to exploit such reserves. Within the region, the United States extensively imports crude oil from Canada and Mexico to be further refined in the country’s refineries. In the Asia Pacific region, China, India, and Korea are the major demand centres for crude oil, aided by the increase in commercial vehicles.
The Middle East is the largest oil-producing region in the world. The region also has the geographical advantage of being close and having easy access to the Asia Pacific and Europe, which happen to be the highest importing markets for crude oil. In 2018, the Middle East exported nearly 24640 million tons of crude oil. In the Asia Pacific and the Middle East, in spite of having a significant presence of private suppliers, the state-owned National Oil Companies (NOCs) is dominating the fuel market. In Africa and Latin America, the industry is dominated by the NOCs, and there is a low presence of private suppliers in the market. In North America and Europe, the oil suppliers are highly matured, giving intensive competition to the top global suppliers such as ExxonMobil, BP, and Shell.
Market Segmentation
Crude oil is an unrefined petroleum product, which occurs naturally and has to be further refined to produce diesel, gasoline, and other petrochemicals. It is a limited non-renewable resource, i.e., it cannot be replaced at the rate of its consumption.
The report covers the macro and micro aspects of the industry, like trade and price analysis. It also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
In North America, the crude oil market is expected to be driven by the shale oil deposits and reserves, supported the region’s access to superior technologies, which help in exploiting these reserves. An increase in the export opportunities for refinery products like diesel and gasoline are also expected to aid the market growth. In Europe, which is the third-largest oil-consuming region, the market is propelled by the rise in the fuel demand for vehicles, as a result of increasing the imports in Europe. The Asia Pacific is the largest consuming region of crude oil. There is high demand from emerging economies such as China, India, and South East Asian countries owing to the anticipated rise in the number of commercial vehicles. The market in these emerging economies is also supported by the burgeoning population and rapid urbanisation.
The increase in economic activities is strengthening the market in Africa, along with the discovery of new shale oil reserves in the region. The Middle East is the largest oil-producing region in the world. The market in the region is driven by the high domestic consumption and the import demand from regions like the Asia Pacific and Europe. The market in Latin America is aided by the large shale oil reserves in Argentina, which are the second largest after the North American reserves. The industry in Latin America is expected to be driven by the rise in upstream demand. The recovery in the GDP of major oil-consuming regions is also supporting the growth of the crude oil market. However, in the forecast period, the growth of the industry might be adversely affected by the rising shift towards alternative energy sources by regions like the European Union.
Competitive Landscape
June 2020: BP (NYSE: BP) has reached an agreement with Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC) based in Dubai, to sell its interest in the Gulf of Suez Petroleum Company (GUPCO) in Egypt.
The report gives a detailed analysis of the following key players in the global crude oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Exxon Mobil Corporation
- BP plc
- Royal Dutch Shell PLC
- Total SA
- Gazprom
- Chevron Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter’s five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Region |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Exxon Mobil Corporation, BP Plc, Royal Dutch Shell PLC, Total SA, Chevron Corporation, Petroliam Nasional Berhad, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 (2018-2022)
8.3 Global Crude Oil Market Forecast (2023-2028)
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 (2018-2022)
9.1.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.2.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.3.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.4.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.5.2 Forecast Trend (2023-2028)
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 (2018-2022)
12.2 Global Reserve Crude Oil Market Forecast (2023-2028)
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 Exxon Mobil 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 BP Plc
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 Royal Dutch Shell PLC
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 Total SA
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 Chevron 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 Petroliam Nasional Berhad
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 Others
16 Industry Events and Developments
List of Key Figures and Tables
1. Global Crude Oil Market: Key Industry Highlights, 2018 and 2028
2. Global Crude Oil Historical Market: Breakup by Region (USD Million), 2018-2022
3. Global Crude Oil Market Forecast: Breakup by Region (USD Million), 2023-2028
4. North America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2022
5. North America Crude Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
6. Europe Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2022
7. Europe Crude Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Asia Pacific Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2022
9. Asia Pacific Crude Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Latin America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2022
11. Latin America Crude Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Middle East and Africa Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2022
13. Middle East and Africa Crude Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
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, 2018-2028
19. Global Reserve Crude Oil Historical Market: Breakup by Region (USD Million), 2018-2022
20. Global Reserve Crude Oil Market Forecast: Breakup by Region (USD Million), 2023-2028
21. Global Crude Oil Market Structure
Key Questions Answered in the Report
In 2022, the global crude oil market attained a volume of nearly 104195.75 Kbpd.
The market is projected to grow at a CAGR of 2% between 2023 and 2028.
The major drivers of the market include the shale oil deposits and reserves, rise in the fuel demand for vehicles, high demand from emerging economies, burgeoning population, rapid urbanisation, increase in economic activities, rise in upstream demand, high domestic consumption and the import demand.
The rising demand for fuel oil and an increase in the export opportunities for refinery products like diesel and gasoline are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, Middle East and Africa, Europe, and Asia Pacific.
The major players in the industry are Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Gazprom, Chevron Corporation, and Petroliam Nasional Berhad, among others.
Analyst Review
The global crude oil market attained a volume of nearly 104195.75 Kbpd in 2022, driven by the rising demand for fuel oil. Aided by rise in the fuel demand for vehicles and increase in the export opportunities for refinery products, the market is expected to witness further growth in the forecast period of 2021-2026, growing at a CAGR of 2%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. 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 industry are Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Gazprom, Chevron Corporation, and Petroliam Nasional Berhad , 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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