Crude Oil is unrefined petroleum occurring naturally and is obtained onshore and off shore. It is composed of hydrocarbon deposits and other organic materials. Crude oil is refined to produce petrol, gasoline, diesel and various other forms of petrochemicals. The crude oil extraction industry includes companies carrying out exploration, development and production of petroleum.
Crude Oil Market Size
The global crude oil market was valued at $1903.6 billion in 2017. Asia Pacific was the largest geographic region accounting for $660.9 billion or 34.7% of the global market. The USA was the largest country accounting for $380.3 billion or 19.9% of the global crude oil market.
Crude Oil Market Trend
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.
The companies covered are Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Rosneft, and Kuwait Petroleum Corporation.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
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