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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 2022-2027 to attain a volume of 112784.9 Kbpd by 2026.
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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 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.
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.
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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:
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.
|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|
|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, Public Joint Stock Company Gazprom., Chevron Corporation, 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.
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
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Reserve Crude Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Reserve Crude Oil Historical Market (2017-2021)
8.3 Global Reserve Crude Oil Market Forecast (2022-2027)
8.4 Global Reserve Crude Oil Market by Region
8.4.1 Market Share
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 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
184.108.40.206 United States of America
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
220.127.116.11 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
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
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
10 Market Dynamics
10.1 SWOT Analysis
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 Crude Oil Price Analysis
13 Global Crude Oil Trade Data Analysis (HS Code: 2709)
13.1 Major Exporting Countries: By Value and Volume
13.2 Major Importing Countries: By Value and Volume
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Exxon Mobil Corporation
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
14.2.2 BP plc
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
14.2.3 Royal Dutch Shell PLC
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
14.2.4 Total SA
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
14.2.5 Public Joint Stock Company Gazprom.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
14.2.6 Chevron Corporation
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15 Industry Events and Developments
List of Figures and Tables
1. Global Reserve Crude Oil Market: Key Industry Highlights, 2016 and 2026
2. Global Reserve Crude Oil Historical Market: Breakup by Region (USD Million), 2017-2021
3. Global Reserve Crude Oil Market Forecast: Breakup by Region (USD Million), 2022-2027
4. North America Reserve Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
5. North America Reserve Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
6. Europe Reserve Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
7. Europe Reserve Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
8. Asia Pacific Reserve Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
9. Asia Pacific Reserve Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
10. Latin America Reserve Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
11. Latin America Reserve Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
12. Middle East and Africa Reserve Crude Oil Historical Market: Breakup by Country (USD Million), 2017-2021
13. Middle East and Africa Reserve Crude Oil Market Forecast: Breakup by Country (USD Million), 2022-2027
14. Major Crude Oil Exporting Countries: by Value
15. Major Crude Oil Exporting Countries by Volume
16. Major Crude Oil Importing Countries by Value
17. Major Crude Oil Importing Countries by Volume
18. Global Reserve Crude Oil Market Structure
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.
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 2022-2027, 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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