Reports
Global Crude Oil Market Trends, Size, 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; 2024-2032
Global Crude Oil Market Outlook
The global crude oil market size reached approximately 100.50 MB/d in 2023. The market is assessed to grow at a CAGR of 0.9% between 2024 and 2032 to attain around 108.69 MB/d by 2032.
Key Trends in the Market
Crude oil refers to a mixture of hydrocarbon and organic materials that is formed from the remains of plants and animals. It is a non-renewable resource that is refined into products such as gasoline, petrochemicals, and jet fuels, among others. It plays an integral role in energy production, and its derivatives are extensively used in products that form the building blocks of modern society.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
- The increasing popularity of air travel, supported by the proliferation of low-cost airlines, is one of the significant crude oil market trends. Aviation turbine fuel is derived from crude oil and plays a crucial role in powering turboprop and jet-engine aircraft.
- The extensive usage of hydrocarbons in everyday products, ranging from electronics to medical supplies, is driving the crude oil market demand. Crude oils are significant raw materials of plastic and other products due to their heat-resistant and insulating properties, which make them essential in the manufacturing of products like smartphones, tennis rackets, hospital equipment, and heart valves, among others.
- Advancements in extraction technologies by key players to boost their extraction efficiency are expected to positively impact the global crude oil market growth in the coming years. Such technologies are likely to reduce costs associated with recovering and extracting crude oils while facilitating the extraction of fossil fuels from depleted fields.
- In addition, the deployment of technologies like augmented reality, artificial intelligence, and 3D technology to support engineers in locating small pools of oils, developing visual representations of reservoirs, and predicting and evaluating recoverable oils is anticipated to fuel the market growth in the forecast period.
Market Analysis
Based on region, the crude oil market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- 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.
- Equinor ASA
Market Share by Region
As per the crude oil market analysis, the Middle East is one of the largest producers of crude oil. Due to its proximity to Europe and the Asia Pacific, the import of crude oils from the region is significantly increasing. Players in countries such as Saudi Arabia, Iraq, and the United Arab Emirates are also expanding their production facilities to meet the growing demand for crude oils in the global market.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Meanwhile, the market in North America is expected to witness robust growth in the forecast period due to advancements in extraction technologies and increasing exploration of shale oil reserves and deposits.
Rising Demand for Petrochemicals Aiding the Market for Crude Oil
As per the crude oil market analysis, the demand for petrochemicals is experiencing a significant surge owing to its extensive usage in manufacturing activities. Crude oil is a crucial raw material in the production of petrochemicals, hence the rising demand for petrochemicals in packaging, tyres, clothing, fertilisers, and modern energy systems, among others, is aiding the market growth.
Key players are also capitalising on this trend by designing innovative processes, utilising advanced equipment, and initiating R&D activities to integrate petrochemical complexes with refineries. The development of technologies such as crude oil-to-chemicals (COTC) that can directly convert crude oil into chemicals is anticipated to further bolster the market demand in the coming years.
Competitive Landscape
Nobel Energy Management LLC is an integrated energy development, production, and services company that is a part of NEQSOL Holding. Through its innovative solutions and advanced technologies, the company aims to create a low-carbon and sustainable future. It was originally established as a procurement service provider in 2005, and since has established its position as a leading oil and gas company in the world.
Valero Energy Corporation, founded in 1980, is a leading producer of renewable fuels and a prominent global petroleum refiner. It is headquartered in Texas, the United States, and owns refineries in the United States, the United Kingdom, as well as Canada. The company is also one of the largest producers of low-carbon fuels, corn ethanol, and renewable diesel.
Occidental Petroleum Corporation, headquartered in Texas, the United States, is a leading producer of essential products and energy. The company has developed an integrated operation infrastructure to deliver reliable energy across the globe. It aims to develop a sustainable future by leveraging its leadership in carbon management.
Other crude oil market players include Hess Corporation, China Petrochemical Corporation, ConocoPhillips Company., Devon Energy Corporation, Marathon Oil Corporation, PJSC NK Rosneft, Saudi Arabian Oil Company (Saudi Aramco), Kuwait Petroleum Corporation, China National Petroleum Corporation, China National Offshore Oil Corporation, Reliance Industries Limited, Petróleo Brasileiro S.A., and Equinor ASA.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 (2018-2023)
8.3 Global Crude Oil Market Forecast (2024-2032)
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 (2018-2023)
9.1.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.2.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.3.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.4.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.5.2 Forecast Trend (2024-2032)
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 (2018-2023)
12.2 Global Reserve Crude Oil Market Forecast (2024-2032)
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 Hess 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 China Petrochemical Corporation
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 ConocoPhillips Company.
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 Nobel Energy Management LLC
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 Devon Energy 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 Marathon Oil Corporation
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 PJSC NK Rosneft
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Saudi Arabian Oil Company (Saudi Aramco)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Kuwait Petroleum Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 China National Petroleum Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Occidental Petroleum Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Valero Energy Corporation
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 China National Offshore Oil Corporation
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Reliance Industries Limited
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Petróleo Brasileiro S.A.
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 Equinor ASA
15.2.16.1 Company Overview
15.2.16.2 Product Portfolio
15.2.16.3 Demographic Reach and Achievements
15.2.16.4 Certifications
16 Industry Events and Developments
List of Key Figures and Tables
1. Global Crude Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Crude Oil Historical Market: Breakup by Region (USD Million), 2018-2023
3. Global Crude Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
4. North America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
5. North America Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
6. Europe Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
7. Europe Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
8. Asia Pacific Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
9. Asia Pacific Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Latin America Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
11. Latin America Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Middle East and Africa Crude Oil Historical Market: Breakup by Country (USD Million), 2018-2023
13. Middle East and Africa Crude Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
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), 2018-2023
20. Global Reserve Crude Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
21. Global Crude Oil Market Structure
Key Questions Answered in the Report
In 2023, the market attained a volume of nearly 100.50 MB/d.
The market is assessed to grow at a CAGR of 0.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 108.69 MB/d by 2032.
The major market drivers are the increasing popularity of air travel and the extensive usage of hydrocarbons in everyday products.
The key trends aiding the market growth are the rising demand for petrochemicals, advancements in extraction technologies, and increasing exploration of shale oil reserves and deposits.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major players in the 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.
Analyst Review
The global crude oil market attained a volume of nearly 100.50 MB/d in 2023, driven by the rising demand for fuel oil. Aided by a rise in the fuel demand for vehicles and an increase in the export opportunities for refinery products, the market is projected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 0.9% to reach around 108.69 MB/d by 2032.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. 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 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.
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.
Purchase Options
Call us on
Purchase Full Report
Mini Report
$1699
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$2799
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER