Global Crude Oil Market Pursues Steady Growth with Incessant Petroleum Consumption by Transportation Sector

The global economy has been significantly relying on fossil fuels and the same has been influenced by the constant geographical, and political unrest. Global petroleum industry thus continues to be impacted by this scenario, thereby holding a significant impact on crude oil market. Global crude oil market would be thoroughly assessed to reveal its growth forecast for the course of next few years, in the latest upcoming report of Fairfield Market Research. The COVID-19 pandemic turned out to be a major roadblock facing this already volatile industry. The markets however started rapid recovery in 2021 after a pandemic slump throughout 2020. Sustained demand for petroleum products is expected to account for a strong growth outlook of crude oil market, says the report.

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Gasoline Continues to be a Major Shareholding Product in Crude Oil Market

Demand for crude oil and derived petroleum products remains on an uptrend as the world continues to generate continuous energy requirement, especially the transportation sector. Given the incessant demand generation from transportation industry, gasoline is expected to witness an unwavering surge in consumption through the next few years. The growth continues to further gain momentum with an explosive market for passenger vehicles. The International Energy Agency (IEA) reveals that in 2020-21, the US, and China recorded significant gasoline consumption, making it one of the most consumed products worldwide. Moreover, being the bestselling crude oil product globally, mounting gasoline sales will continue to be a major contributor to crude oil market performance.

Prices Remains Influenced by Constant Geopolitical Unrest

Although crude oil market discovered an opportunity post-pandemic recovery in 2021, the recent Russia-Ukraine war situation instantly led to a pressure on crude oil prices all over the world. While there have been discussions over imposing a political ban on purchasing Russian energy, in the US, on the other side, several Russian exporters are now struggling with sales in absence of traders, and buyers. Complexities in terms of shipping, and payments amid the Ukraine invasion have further aggravated the situation. Moreover, political unrest was renewed in the Middle East as well, after a drone attack Abu Dhabi's oil tankers recently. The repercussions were further seen in Saudi Arabia, and Yemen. The entire situation resulted in soaring crude oil prices.

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The US Remains an Epicentre of Activity in Crude Oil Market

Attributing to widespread usage of the various crude oil products across the developed North American nations, the region will continue to register heavy revenue contribution toward global market valuation. The Energy Information Administration (EIA) states that the US has been the world's top crude oil producer since the year 2018, which accounted for a whopping 15% share in 2020. Russia, and the Kingdom of Saudi Arabia (KSA) follow the US in terms of production of crude oil. On the other side, in terms of consumption of crude oil or derived products, the US led in 2021 with more than 134 billion gallons of gasoline consumed. While this consumption is likely to climb up steadily over the time, the US and eventually North America is all set to remain the epicentre of activity in global crude oil market.

Key Competitors in Global Crude Oil Market
Exxon Mobil Corp., Saudi Aramco, PetroChina, BP Plc, Marathon Petroleum, Phillips 66, and Chevron Corp. constitute some of the major players that would be subject to detailed strategic and financial analysis and profiling in the report. The global crude oil market report intends to reveal some exclusive insights into the leading market companies under its competitive analysis section that would aid potential industry participants to arrive at decisions.

Global Crude Oil Market is Segmented as Below:
By Product
• Diesel
• Gasoline
• Jet

By Type
• Class A (Volatile, Light Oils)
• Class B (Non-Sticky Oils)
• Class C (Heavy Sticky Oils)
• Class D (Nonfluid Oils)

By Application
• Transportation
• Heating
• Electricity Generation
• Production of Varied Petroleum Products
• Others

By Region
• NORTH AMERICA
• EUROPE
• ASIA-PACIFIC
• LAMEA

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