The crude oil market has expanded significantly, escalating from $2829.69 billion in 2023 to $2998.39 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.0%. This historical growth is attributed to industrialization and economic growth, the transportation sector, the petrochemical industry, electricity generation, and global energy demand. Forecasts indicate continued robust growth, reaching $3655.81 billion by 2028, with a CAGR of 5.1%. This anticipated growth is driven by rising transportation evolution, expansion in the petrochemical industry, challenges in energy transition, global economic development, and geopolitical factors. Major trends include resilience in oil markets amid energy transitions, shifting investment trends towards renewable energy, diversification in downstream operations, global efforts for energy security and independence, and changes in consumer behavior impacting transportation demand.
Major Driver In The Crude Oil Market
This increasing demand for fossil fuels, driven by the global need for energy, particularly in developing nations like China and India, combined with the anticipated stabilization of oil and gas prices, is attributed to the rising demand for fossil fuels to meet energy requirements worldwide. Fossil fuels, derived from decomposed plants and animals, are carbon and hydrogen-rich substances found in the Earth's crust, burnable for energy. Crude oil, a liquid fossil fuel composed mainly of hydrocarbons, is situated in underground reservoirs, sedimentary rock crevices, or near the Earth's surface in tar sands. In February 2023, the International Energy Agency projected a shift in the global renewable energy contribution from 29% to 35% in the power generation mix by 2025, reflecting the ongoing growth of the crude oil market.
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Crude Oil Market Competitive Landscape
Saudi Arabian Oil Company, China National Petroleum Corporation, China Petroleum & Chemical Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, BP plc, Equinor ASA, ENI S.p.A., Gazprom OAO, Petróleos Mexicanos, Petrobras, Iraq National Oil Company, Rosneft Oil Company, Petroliam Nasional Berhad, ConocoPhillips, OMV Aktiengesellschaft, Sonatrach SPA, Qatar Petroleum, Occidental Petroleum Corporation, Ecopetrol S.A., Abu Dhabi National Oil Company, KazMunayGas, National Oil Corporation, PT Pertamina, Nigerian National Petroleum Corporation, Lukoil PJSC, Kuwait Petroleum Corporation
Crude Oil Market Segmentation
The crude oil market covered in this report is segmented –
1) By Type: Transport, Industrial, Other Types
2) By Derivatives: Paraffin, Naphthene, Aromatic, Asphaltic
3) By Nature: Organic, Conventional
By Geography:The regions covered in the crude oil market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Asia-Pacific was the largest region in the crude oil market in 2023.
The Crude Oil Global Market Report 2024 furnishes information about the global crude oil market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
