Global Oil Market Analysis: Demand Surge and Supply Constraints With Growth At A CAGR Of 22.41%

The global oil market has been experiencing a surge in demand amidst the recovery of the global economy, particularly in emerging economies. However, supply constraints, geopolitical tensions, and regulatory changes are adding to the complexity of the oil market.

The global oil and gas analytics market size was exhibited at USD 6.90 billion in 2022 and is projected to hit around USD 52.42 billion by 2032, growing at a CAGR of 22.41% during the forecast period 2023 to 2032.

According to recent reports, the demand for oil has increased by more than 5 million barrels per day in the past year, with emerging economies contributing to more than 69.9% of the growth.

The demand for transportation fuels, including gasoline and diesel, has been particularly high due to increased mobility and international trade activities.

However, the supply of oil has not been able to keep up with the demand, resulting in price volatility and market uncertainty.




Geopolitical tensions:

· One of the significant supply constraints is the production cut agreement of OPEC+ members, which was introduced in 2020 to stabilize the oil market amidst the COVID-19 pandemic. The group agreed to cut oil production by almost 9.9 million barrels per day, but as demand recovers, the group has been hesitant to increase production at the same pace, resulting in a gradual increase in prices.

· Furthermore, geopolitical tensions in the Middle East and North Africa have also contributed to the uncertainty in the oil market. The recent conflict between Israel and Hamas in the Gaza Strip has increased the risk of supply disruptions, given the strategic location of the region and its impact on global oil trade. Additionally, the ongoing negotiations between Iran and world powers to revive the 2015 nuclear deal could result in more Iranian oil production, adding more supply to the market.

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Market segmentation:

By Market Players:
Associated British Foods PLC
Archer Daniels Midland CompanyÂ
Bunge LimitedÂ
Wilmar International LimitedÂ
Cargill IncorporatedÂ
Conagra Foods
International Foodstuff Company Holdings Limited
Unilever PLCÂ
United Plantations BerhadÂ
Ajinomoto

By Type:
Palm
Soybean
Rapeseed
Sunflower
Olive

By Application:
Food
Industrial
Chemical
Personal Care
Animal Feed




Regional analysis:

· While the global oil market is experiencing a surge in demand, regional analysis reveals that emerging economies, particularly in the Asia-Pacific region, are contributing significantly to the growth. However, supply constraints, geopolitical tensions, and regulatory changes are affecting different regions differently.

· The Middle East and North Africa region, for example, is facing geopolitical tensions that could result in supply disruptions, while the Americas region is experiencing supply constraints due to infrastructure challenges and regulatory changes. Europe is also undergoing a transition towards clean energy, which could affect the future of the oil market in the region.

· India, along with China, emerged as key buyers of Russian crude after most others shunned its supplies following the invasion of Ukraine. The South Asian nation has taken advantage of cheaper barrels, purchasing record volumes and elevating Russia to its top supplier above Iraq and Saudi Arabia.

· Overall, regional analysis suggests that the impact of the global oil market on different regions varies, and the response to supply constraints, geopolitical tensions, and regulatory changes may differ as well.




OPECs role and Recent happenings:

· OPEC+ has implemented a series of cuts in oil output, including a recent reduction of 1.14 million barrels per day following a cut of two million barrels per day in October 2022. This move caused a 4.5% surge in the international oil price.

· According to Ms Dourian, this decision may have been made preemptively because OPEC+ predicts that the world's demand for oil will not be as strong as previously expected. In 2020, OPEC+ responded to the pandemic by reducing production by more than nine million barrels per day, which caused the price of crude oil to plummet due to a lack of buyers during country lockdowns.


· Following Russia's invasion of Ukraine, crude oil prices surged to over $130 a barrel before dropping to 15-month lows of slightly over $70 a barrel in March 2023. This surge in oil prices will likely increase petrol prices in the UK and worldwide, adding to the cost-of-living pressures.

· Meanwhile, the US has criticized OPEC+'s recent decision. In response to Western sanctions, Russia is exporting more crude to countries such as India and China. However, the G7 group has set a price cap of $60 per barrel on Russian oil exports, keeping Russia's oil revenue low.




Economic impact of the market:

· The oil market has a significant impact on the global economy, as it is a crucial input for transportation, manufacturing, and energy production. The high demand for oil, coupled with supply constraints and geopolitical tensions, can lead to price volatility and market uncertainty, affecting consumer behavior and business decisions.

· The oil market also affects government revenue, as many countries rely heavily on oil exports to support their economies.


· Additionally, the transition towards clean energy and the implementation of carbon taxes could affect the future of the oil market and the broader economy in different ways. Overall, the economic impact of the oil market is significant and multifaceted, affecting various sectors and stakeholders in different ways.

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Future outlook:

· The future outlook for the oil market is uncertain, with various factors contributing to potential changes in supply and demand.

· On the demand side, the adoption of alternative energy sources, such as electric vehicles, could reduce the demand for oil in the long term. Additionally, changes in consumer behavior and mobility patterns, particularly due to the COVID-19 pandemic, could also affect the demand for transportation fuels.

· On the supply side, production quotas and agreements, geopolitical tensions, and infrastructure challenges could affect the supply of oil. Additionally, technological advancements, such as shale oil extraction and renewable energy sources, could impact the market's supply dynamics.

· Furthermore, regulatory changes, such as carbon taxes and emissions standards, could encourage the adoption of alternative energy sources and reduce the demand for oil.

· Overall, the future outlook for the oil market is uncertain, with various factors potentially impacting supply and demand in the long term.




Points Covered in The Report:

· The factors which are mentioned in the document are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors etc.

· The entire profile of the organizations is mentioned like the capacity, production, price, revenue, cost, gross margin, income volume, income revenue, consumption, increase rate, import, export, supply & strategies. The technological tendencies that they're making are also covered inside the document. This document analysed 12 years data history and forecast.


· Data and information by market player, by region, by type, by application and custom research are added according to specific requirements.

· The Report incorporates the SWOT analysis of the market. Finally, the Report incorporates the belief element and conclusion part in which the evaluations of the economic professionals are covered.




Key Reasons to Purchase:

To know insightful analyses, comprehensive understanding of global market and its industrial landscape.

Assess the manufacturing processes, foremost issues, and answers to mitigate the development risk.

To recognize the maximum affecting and restraining forces within the market with its effects on the international market.

Learn the market strategies which are being followed by leading respective organizations.

To recognize the future outlook and prospects for the market.

Besides the standard reports, we additionally offer customisations with unique requirements.

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Highlights of table of contents:

· Executive Summary
· Introduction
· Global Oil Market Overview
· Regional Analysis
· Economic Impact of the Oil Market
· Regulation and Norms
· Future Outlook
· Conclusion and Recommendations
· References
· Appendix: Oil Market Data and Statistics





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This release was published on openPR.