Crude Oil Market : Estimation, Dynamics, Regional Share, Trends, Competitor Analysis By 2024

Global Crude Oil Market: Description

Crude oil is a naturally occurring hydrocarbon found in geological formations beneath the earth's crust. Crude oil in both its unprocessed and refined states is broadly classified as petroleum. Petroleum satisfies a majority of the global energy demand. The demand for crude oil is directly proportional to the growth of global energy demand and a multitude of other macroeconomic factors ranging from disposable income to a rate of urbanization. Crude oil is further processed in refineries for making a large number of consumer products such as gasoline, kerosene, plastics and chemicals among others. The overall demand drivers for crude oil can be sub-divided into the individual demand growth of crude oil end use areas. One of the major uses of crude oil is for the manufacturing of gasoline. Countries such as the U.S. utilize nearly 45% of their entire oil requirement for making gasoline and fuelling their ever growing transportation sector. This trend is now being replicated most by the emerging economies of South America and Asia-Pacific.

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Growing disposable income and reducing costs of automobiles have increased gasoline demand manifold in these regions. The growing medium and heavy duty vehicle market are also increasing the consumption of diesel in the aforementioned countries. Until a cost effective transition to cleaner fuels is achieved, the global transportation sector will continue to increase the demand for crude oil. Other transportation sector applications involve its use as a bunker fuel for the marine transport sector and as jet fuel for the aviation sector. With increasing demand of petrochemical products, the growing demand for crude oil is inevitable. Detergents, plastics, synthetic rubber and synthetic fibers are some of the major end use segments of crude oil.

Growing demand in the fertilizer and pesticide market is also stimulating the demand for crude oil to a large extent. Crude oil can be measured in terms of sulfur content as sweet and sour. Sweet crude has a lower sulfur content which progressively increases in sour crude. Crude oil can also be segmented on the basis of API gravity as light and heavy. Crude oils with higher API gravity are lighter and vice versa. The crude oil market can be segmented on the basis of type as Brent Blend, Russian Export Blend and West Texas Intermediate (WTI) among others. Brent Blend crude oil is used for pricing nearly 60% of the global crude oil traded. These segments are used for determining the price of crude being traded on a daily basis.

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Some of the major crude oil producers in the world include Saudi Aramco, Gazprom, Exxon Mobil, Rosneft, Royal Dutch Shell, Chevron and Total among others.

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