New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Crude Oil Global Market Report 2023" - https://www.reportlinker.com/p06320384/?utm_source=GNW
Major players in the crude oil market include Royal Dutch Shell, Exxon Mobil Corporation BP Plc, Rosneft, and Kuwait Petroleum Corporation.
The global crude oil market will grow from $2747.78 billion in 2022 to $2904.09 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The crude oil market is expected to grow from $3481.5 billion in 2027 at a CAGR of 4.6%.
The crude oil market consists of sales of sweet crude oils, sour crude oils, light crude oils, medium crude oils, heavy crude oils, sweet light crude oils, and more.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Crude oil refers to a naturally occurring, unrefined petroleum substance made up of organic compounds and hydrocarbon deposits. Crude oil is mostly utilised as a fuel and combustible, but it is also essential as a raw material in the production of chemicals.
Asia-Pacific was the largest region in the crude oil market. The regions covered in this crude oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of crude oil are transport, industrial, and other types.Industrial refers to a company whose main business is producing goods.
Nature is organic and conventional. The various end-users involved food and beverage, personal care and cosmetics, biofuel and energy, pharmaceuticals, and other end users.
This can be attributed to the rising demand for fossil fuels to cater to energy needs from around the world, especially in developing countries such as China and India, and the expected stabilization of oil and gas prices.Fossil fuels are made from decomposing plants and animals.
These fuels are found in the Earth’s crust and contain carbon and hydrogen, which can be burned for energy.Crude oil or petroleum is a liquid fossil fuel made up mostly of hydrocarbons (hydrogen and carbon compounds).
Oil can be found in underground reservoirs; in the cracks, crevices, and pores of sedimentary rock; or in tar sands near the earth’s surface For instance, in 2020, according to the Centre for Strategic and International Studies, coal made up 56.8 % of China’s energy use. Therefore, the rising demand for fossil fuels to cater to energy needs from around the world is driving the growth of the crude oil market.
Digital oilfield technology is recently being used by Oil and gas extraction companies, to enhance oil and gas production.Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling.
Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points.
In April 2021, Vencer Energy LLC, a US-based upstream oil and gas company, acquired Hunt Oil Company’s Midland Basin assets for an undisclosed sum.This acquisition would realise Vencer’s objective of being the owner of high-quality, mature, producing assets with exciting development potential.
It is the first step toward creating a more substantial, long-lasting platform in the Lower 48 States.The acquisition marks Vencer’s first since Vitol founded the company last year.
Hunt Oil Company is a US-based independent oil and gas company.
The countries covered in the crude oil market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The crude oil market research report is one of a series of new reports that provides crude oil market statistics, including crude oil industry global market size, regional shares, competitors with a crude oil market share, detailed crude oil market segments, market trends and opportunities, and any further data you may need to thrive in the crude oil industry. This crude oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06320384/?utm_source=GNW
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