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Oil Refining Market exceed USD 7 Trillion during the Forecast timeframe | ADNOC Group, Chevron, ExxonMobil, Sinopec, PBF Energy, Phillips 66, S-OIL Corporation

03-01-2019 07:39 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Oil Refining Market

Oil Refining Market

Oil refining market will witness an appreciable growth on account of rapid industrialization and economic transformation. Changing demographics, growing population and improvement in living standards across developing nations are some of factors positively influencing the industry landscape. Moreover, increasing disposable income owing to rapid urbanization will further fortify the affordability and accessibility of refined products. According to World Health Organization, the global urban population is predicted to grow over 1.5% annually by 2020.

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The significant increase in exploration of oil and gas resources elevated the Oil Refining Market to a valuation of more than USD 6 trillion in 2017, with vast investments being done to match the refinery and oil extraction capacities. A stability in the prices of crude oil is being observed globally, renewing a sense of positivity in the marketplace post the 2013-14 slump, which had nearly devastated the oil refining companies. Continuous growth of the oil and gas sector owing to reinvigorated oil prices has attracted several industry giants to commission new oil processing plants, substantially boosting the oil refining industry.

Increasing investment toward construction, expansion & upgradation of refineries to fulfill petroleum product demand will stimulate the global market. For instance, in 2018, Chinese investment firm announced to invest USD 2 billion for construction of oil refinery in the northern Mazandaran province. Government regulations pertaining to carbon emissions along with positive outlook towards aviation and road transportation sector are some of the factors augmenting the demand for refined products. According to OPEC, global diesel demand is anticipated to grow 10 million barrels per day by 2030. In 2018, International Maritime Organization (IMO) has set target to reduce the carbon emissions by 50% by 2050 under new international agreement.

As the upgraded fuel gets accepted in more and more cities, countries and the overall transportation industry, the oil refining market will evolve in accordance with the advancing quality of petroleum products being demanded. Reliance, Exxon Mobil, Chevron, Shell, India Oil, BP and PBF Energy are some major companies in the oil refining industry that provide extensive refinery services and produce a wide range of petroleum products. With remarkable discoveries being made in terms of natural oil deposits and joint efforts by companies to explore these resources, the oil refining market is anticipated to reach 100 million barrels per day consumption by 2024.

International Maritime Organization (IMO), in this regard has set the latest benchmark by declaring its target of curtailing carbon emission by almost 50% by 2050. Also, in yet another instance, MARPOL, as per its revised regulations, has set the international shipping fuel criteria to less than 1% sulfur content. Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand.

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Speaking of efforts taken for improving the quality of fuel, a public consultation initiated by the U.K. government is underway for introducing a new fuel to cut down on CO2 emissions. The current generation of petrol in U.K., termed as E5, has five percent bioethanol and the government plans to launch new E10 petrol consisting of double the concentration of biofuel, the Department of Transport had revealed. While the E10 will not be able to fuel around one million petrol vehicles in U.K., the government has also proposed establishing a E5 protection grade that would ensure the availability of standard petrol at reasonable price.

Eminent Players of Oil Refining Market include Saudi Aramco, Kuwait Petroleum Corporation, ADNOC Group, BP, Chevron, Shell, ExxonMobil, Sinopec, PBF Energy, Phillips 66, S-OIL Corporation.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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Blog: http://global4energy.com/

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