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Global Reserve Crude Oil Market: SWOT Analysis; Porter’s Five Forces Analysis; Regional Analysis; Historical Market and Forecast (2016-2026); EMR’s Key Indicators for Demand; EMR’s Key Indicators for Price; Technical Analysis; Competitive Landscape; Industry Events and Developments

Global Reserve Crude Oil Market Outlook

The global reserve crude oil market is being supported by the rising demand for fuel oil, which stood at a volume of nearly 100149.7 Kbpd in 2020. The demand for fuel oil is further expected to grow at a CAGR of 2% over the forecast period of 2021-2026 to attain a volume of 112784.9 Kbpd by 2026.

 

Global Reserve Crude Oil Market

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According to an estimate, there were 1.73 trillion barrels of oil in the world in 2018. The rising demand for crude oil, particularly from the world's largest user, the United States, is significantly contributing to the growth of the industry. As of 2018, a slight growth was recorded in the proven crude oil reserves, globally, in comparison to 2016. Non-OECD countries accounted of the majority of these reserves. The world's largest proven oil reserves are in the Middle East, Venezuela, Canada, and Russia. Country-wise, Venezuela has the largest reserves, and accounted for 17.5% of the world total in 2018, followed by Saudi Arabia, which occupied 17.2% of the world total. Along with large reserves, a country must have expertise to extract, refine, and ship the oil. Owing to the availability of advanced technology in the United States, the region is the leading oil producing country and accounted for 18% of the global share in the reserve oil market. The United States is followed by Saudi Arabia and Russia as the leading oil producers.

 

North America and the Middle East Regions to Significantly Contribute to the Growth of the Reserve Crude Oil Industry

North America and the Middle East regions are the leading consumers of crude oil, followed by Australia, Japan, and the Netherlands. North America, due to the availability of shale oil deposits and their increased exploitation with the help of advanced technology, has become one of the largest oil-consuming regions. Within North America, the United States extensively imports crude oil from Canada and Mexico to be further refined in the country’s refineries. The 12 OPEC (Organisation of Petroleum Exporting Countries) members hold 80% of the world's proven reserves, with the biggest importers being the United States, the European Union, and China. Meanwhile, the demand for the fuel oil is growing at a rapid pace in emerging economies such as China and India owing to the rising sales of commercial vehicles and rapid urbanisation across the nations, thus, providing enhanced growth opportunities to the industry.

 

Reserve Crude Oil: Industry Definition and Segmentation

Oil reserves are an estimate of the crude oil amount present in a specific economic region. Before the commercial utilisation of crude oil, it goes through extensive processing, involving primary recovery (through reservoir pressure) and secondary recovery (artificial lift). Crude oil is refined to produce usable products like gasoline, diesel, and others, along with different kinds of petrochemicals.

The regional markets for reserve crude oil include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Reserve Crude Oil Market By Region

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Rapid Urbanisation and the Rising Demand for Fuel Oil to Bolster the Growth of the Reserve Crude Oil Industry

The global reserve crude oil industry is being driven by the rising demand for fuel oil from across the globe. The rapid urbanisation and the rising technological advancements are aiding the industry growth. In North America, the presence of a large number of shale oil deposits and reserves, coupled with the region’s access to advanced technologies and equipment, is driving the regional market growth. The rising demand for refined crude oil products such as diesel and gasoline is further aiding the market growth. Europe, being the third-largest oil-consuming region, is witnessing a rise in the demand for fuel oil with the growing automotive sector. In the Asia Pacific region, the market has witnessed a healthy growth in the past few years due to the growing product demand from the emerging economies such as China, India, and South East Asian countries owing to the burgeoning population and rapid urbanisation in such regions.

Exxon Mobil Corporation (NYSE: XOM), a key player in the industry, announced an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well located in the Turbot area. The discovery added on to the previously estimated recoverable resource of over 6 billion oil-equivalent barrels on the Stabroek Block, thus, providing a further boost to the market. Further, the development of new types of technology is expected to make the crude oil extraction process economically feasible, which is expected to aid the industry in the future. If the prices of crude oil rise or the new technology makes extraction costs lower, then more fields become viable. However, the industry growth might be adversely affected by the rising shift towards alternative energy sources in the forecast period.

Key Industry Players in the Global Reserve Crude Oil Market

The report gives a detailed analysis of the following key players in the global reserve 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.

*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
    1.1    Objectives of the Study
        1.1.1    Research Objective
        1.1.2    Key Findings of the Report
2    Research Methodology
    2.1    Data Extraction
    2.2    Data Corroboration
    2.3    Market Structure
    2.4    Assumptions
    2.5    Market Models
3    Introduction
    3.1    Market Outlook
    3.2    Market Scope and Segmentation
    3.3    Additional Insights
4    Executive Summary
    4.1    Key Market Developments
    4.2    Market Analysis
    4.3    Key Players
    4.4    Cost Structure
    4.5    Market Revenue and Growth
5    Market Dynamics
    5.1    Market Driver Analysis
    5.2    Market Restraint Analysis
    5.3    Industry Challenges
    5.4    Industry Opportunities
6    Global Reserve Crude Oil Market Analysis
    6.1    Figure: Global Fuel Oil Demand Historical Market (2016-2020) & Forecast (2021-2026)
    6.2    Figure: Global Reserve Crude Oil Historical Market (2016-2020) & Forecast (2021-2026)
    6.3    Chart: Global Reserve Crude Oil Market Breakup by Region
        6.3.1    North America
            6.3.1.1    United States of America
            6.3.1.2    Canada
        6.3.2    Europe
            6.3.2.1    Germany
            6.3.2.2    United Kingdom
            6.3.2.3    France
            6.3.2.4    Italy
            6.3.2.5    Others
        6.3.3    Asia Pacific
            6.3.3.1    China
            6.3.3.2    Japan
            6.3.3.3    India
            6.3.3.4    ASEAN
            6.3.3.5    Others
        6.3.4    Latin America
            6.3.4.1    Brazil
            6.3.4.2    Argentina
            6.3.4.3    Mexico
            6.3.4.4    Others
        6.3.5    Middle East & Africa
            6.3.5.1    Saudi Arabia
            6.3.5.2    United Arab Emirates
            6.3.5.3    Nigeria
            6.3.5.4    South Africa
            6.3.5.5    Others
    6.4    Figure: Global Reserve Crude Oil Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
        6.4.1    North America
            6.4.1.1    United States of America
            6.4.1.2    Canada
        6.4.2    Europe
            6.4.2.1    Germany
            6.4.2.2    United Kingdom
            6.4.2.3    France
            6.4.2.4    Italy
            6.4.2.5    Others
        6.4.3    Asia Pacific
            6.4.3.1    China
            6.4.3.2    Japan
            6.4.3.3    India
            6.4.3.4    ASEAN
            6.4.3.5    Others
        6.4.4    Latin America
            6.4.4.1    Brazil
            6.4.4.2    Argentina
            6.4.4.3    Mexico
            6.4.4.4    Others
        6.4.5    Middle East & Africa
            6.4.5.1    Saudi Arabia
            6.4.5.2    United Arab Emirates
            6.4.5.3    Nigeria
            6.4.5.4    South Africa
            6.4.5.5    Others
7    Global Crude Oil Price Analysis
    7.1    North America Crude Oil Historical Price Trend (2016-2020) and Forecast (2021-2026)
    7.2    Europe Crude Oil Historical Price Trend (2016-2020) and Forecast (2021-2026)
    7.3    Asia Pacific Crude Oil Historical Price Trend (2016-2020) and Forecast (2021-2026)
    7.4    Latin America Crude Oil Historical Price Trend (2016-2020) and Forecast (2021-2026)
    7.5    Middle East and Africa Crude Oil Historical Price Trend (2016-2020) and Forecast (2021-2026)
8    Global Crude Oil (2709) Trade Data Analysis 
    8.1    Major Exporting Countries: By Value and Volume
    8.2    Major Importing Countries: By Value and Volume
9    SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10    Porter’s Five Forces Analysis
    10.1    Overview
    10.2    Buyer’s Power
    10.3    Supplier’s Power
    10.4    New Entrants
    10.5    Degree of Rivalry
    10.6    Substitutes
11    EMR’s Key Indicators for Demand
12    EMR’s Key Indicators for Price
13    Technical Analysis
14    Competitive Landscape & Supplier Analysis

    14.1    Exxon Mobil Corporation
        14.1.1    Company Overview
        14.1.2    Financial Analysis
    14.2    BP plc
        14.2.1    Company Overview
        14.2.2    Financial Analysis
    14.3    Royal Dutch Shell PLC
        14.3.1    Company Overview
        14.3.2    Financial Analysis
    14.4    Total SA
        14.4.1    Company Overview
        14.4.2    Financial Analysis
    14.5    Gazprom
        14.5.1    Company Overview
        14.5.2    Financial Analysis
    14.6    Chevron Corporation
        14.6.1    Company Overview
        14.6.2    Financial Analysis
    14.7    Petroliam Nasional Berhad (PETRONAS) 
        14.7.1    Company Overview
        14.7.2    Financial Analysis
    14.8    Others
15    Industry Events and Developments

Key Questions Answered in the Report

The global reserve crude oil market is being supported by the growing demand for fuel oil, which reached a volume of nearly 100149.7 Kbpd in 2020.

The fuel oil industry, which is supporting the growth of the market, is projected to grow at a CAGR of 2% between 2021 and 2026.

The global demand for fuel oil is expected to reach a volume of 112784.9 Kbpd by 2026.

The major drivers of the industry, such as the increasing demand for energy, rapid industrialisation and urbanisation, rising demand for fuel oil, and growing technological advancements, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the growing E&P activities globally and the increasing investments towards the development of economically feasible technology for crude oil extraction.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the 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 (PETRONAS), among others.

Analyst Review

The global reserve crude oil market is being driven by the growing fuel oil industry, which attained a volume of nearly 100149.7 Kbpd in 2020, driven by increasing global demand for energy and rapid urbanisation. Aided by the growing investments to develop improved technology, the fuel oil industry is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 2%. The fuel oil industry is projected to reach 112784.9 Kbpd by 2026.

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