Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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 1,06,279.67 Kbpd in 2023. The demand for fuel oil is further expected to grow at a CAGR of 2% over the forecast period of 2024-2032 to attain a volume of 1,27,014.12 Kbpd by 2032.

Global Reserve Crude Oil Market Report Summary Description Value
Base Year Kbpd 2023
Historical Period Kbpd 2018-2023
Forecast Period Kbpd 2024-2032
Market Size 2023 Kbpd 1,06,279.67
Market Size 2032 Kbpd 1,27,014.12
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 2.0%
CAGR 2024-2032 - Market by Region Asia Pacific 2.6%
CAGR 2024-2032 - Market by Country India 3.0%
CAGR 2024-2032 - Market by Country China 2.5%
Market Share by Country 2023 Australia 1.8%

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.

Global Reserve Crude Oil Market

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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.

CAGR 2024-2032 - Market by Country
India 3.0%
China 2.5%
Brazil 2.2%
UK 1.8%
Australia 1.8%
USA 1.6%
Canada XX%
France XX%
Japan XX%
Saudi Arabia XX%
Mexico XX%
Germany 1.5%
Italy 1.3%

Reserve Crude Oil Market 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
  • Public Joint Stock Company Gazprom
  • Chevron Corporation
  • Others

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.

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:

  • Region
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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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 1,06,279.67 Kbpd in 2023.

The fuel oil industry, which is supporting the growth of the market, is projected to grow at a CAGR of 2% between 2024 and 2032.

The global demand for fuel oil is expected to reach a volume of 1,27,014.12 Kbpd by 2032.

The major drivers of the market are increasing demand for energy, rapid industrialisation and urbanisation, rising demand for fuel oil, and growing technological advancements.

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

The major regions in the  global reserve crude oil market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Products made from crude oil include gasoline, diesel, and various types of petrochemicals, among other products. 

The major players in the market are Exxon Mobil Corporation, BP plc, Royal Dutch Shell PLC, Total SA, Public Joint Stock Company Gazprom, and Chevron Corporation, among others.

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