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Global Crude Oil Market: Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand, EMR’s Key Indicators for Price; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

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 100149.7 Kbpd in the year 2020. The demand is further expected to grow at a CAGR of 2% between 2021 and 2026 to attain a volume of 112784.9 Kbpd by 2026.

 

Crude Oil Market

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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.

 

Properties and Applications

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.

 

Crude Oil Market by Region

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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 2020
Historical Period 2017-2021
Forecast Period 2022-2027
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, EMR’s 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.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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 (2017-2021) 
    8.3    Global Crude Oil Market Forecast (2022-2027)
    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 (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        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 (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        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 (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        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 (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        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 (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        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    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Global Reserve Crude Oil Market

    12.1    Global Reserve Crude Oil Historical Market (2017-2021) 
    12.2    Global Reserve Crude Oil Market Forecast (2022-2027)
    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 Figures and Tables

1.    Global Crude Oil Market: Key Industry Highlights, 2016 and 2026
2.    Global Crude Oil Historical Market: Breakup by Region (USD Million), 2017-2021
3.    Global Crude Oil Market Forecast: Breakup by Region (USD Million), 2022-2027
4.    North America Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
5.    North America Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
6.    Europe Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
7.    Europe Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
8.    Asia Pacific Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
9.    Asia Pacific Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
10.    Latin America Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
11.    Latin America Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Middle East and Africa Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Middle East and Africa Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
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, 2017-2027
19.    Global Reserve Crude Oil Historical Market: Breakup by Region (USD Million), 2017-2021
20.    Global Reserve Crude Oil Market Forecast: Breakup by Region (USD Million), 2022-2027
21.    Global Crude Oil Market Structure

Analyst Review

The rising fuel oil demand is aiding the growth of the global crude oil market. The global fuel oil demand attained a volume of 100149.7 Kbpd in 2020. It is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 2%. The demand is projected to reach 112784.9 Kbpd by 2026.

EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Middle East being the leading oil producing region globally. The key players in the industry include Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Gazprom, Chevron Corporation, Petroliam Nasional Berhad (PETRONAS), and others.

The major drivers of the industry such as increasing population, growing automobile industry, increasing demand from the Asia Pacific, and rising number of oil reserves are expected to aid the market growth. 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.

EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected market conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:

  • How has the global crude oil market performed in the previous years (2017-2021)?
  • What is the forecast assessment of the crude oil market for 2022-2027?
  • What are the major industry drivers and constraints?
  • What are the major price and demand indicators of the global crude oil market?
  • What are the price trends of the product in the global industry?
  • Who are the key players in the global crude oil market?
  • What is the degree of competition in the global crude oil market?
  • What are the import and export trends in the global crude oil market?
  • Who are the top importers and exporters of the product in the global industry?
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