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Global Reserve Crude Oil Market Size, Analysis, Forecast: Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Trade Data Analysis; Price Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
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.
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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 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.
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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:
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*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 Opportunities and Challenges in the Market
8 Global Reserve Crude Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Reserve Crude Oil Historical Market (2018-2023)
8.3 Global Reserve Crude Oil Market Forecast (2024-2032)
8.4 Global Reserve Crude Oil Market by Region
8.4.1 North America
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Europe
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Asia Pacific
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Latin America
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Middle East and Africa
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
9 North America Reserve Crude Oil Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Reserve Crude Oil Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Reserve Crude Oil Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Reserve Crude Oil Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Reserve Crude Oil Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Global Crude Oil Trade Data Analysis (HS Code: 2709)
16.1 Major Exporting Countries: By Value and Volume
16.2 Major Importing Countries: By Value and Volume
17 Global Crude Oil Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Exxon Mobil Corporation
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 BP plc
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Royal Dutch Shell PLC
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Total SA
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Public Joint Stock Company Gazprom.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Chevron Corporation
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Reserve Crude Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Reserve Crude Oil Historical Market: Breakup by Region (Kbpd), 2018-2023
3. Global Reserve Crude Oil Market Forecast: Breakup by Region (Kbpd), 2024-2032
4. North America Reserve Crude Oil Historical Market: Breakup by Country (Kbpd), 2018-2023
5. North America Reserve Crude Oil Market Forecast: Breakup by Country (Kbpd), 2024-2032
6. Europe Reserve Crude Oil Historical Market: Breakup by Country (Kbpd), 2018-2023
7. Europe Reserve Crude Oil Market Forecast: Breakup by Country (Kbpd), 2024-2032
8. Asia Pacific Reserve Crude Oil Historical Market: Breakup by Country (Kbpd), 2018-2023
9. Asia Pacific Reserve Crude Oil Market Forecast: Breakup by Country (Kbpd), 2024-2032
10. Latin America Reserve Crude Oil Historical Market: Breakup by Country (Kbpd), 2018-2023
11. Latin America Reserve Crude Oil Market Forecast: Breakup by Country (Kbpd), 2024-2032
12. Middle East and Africa Reserve Crude Oil Historical Market: Breakup by Country (Kbpd), 2018-2023
13. Middle East and Africa Reserve Crude Oil Market Forecast: Breakup by Country (Kbpd), 2024-2032
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
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.
Analyst Review
The global reserve crude oil market is being driven by the growing fuel oil industry, which attained a volume of nearly 1,06,279.67 Kbpd in 2023, 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 2024-2032, growing at a CAGR of 2%. The fuel oil industry is projected to reach 1,27,014.12 Kbpd by 2032.
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, Public Joint Stock Company Gazprom, and Chevron Corporation, 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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