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Crude Oil Industry Market Analysis and Global Trends Report 2024
Crude Oil Industry Market Analysis
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According to The Business Research Company's, The crude oil market size has grown strongly in recent years. It will grow from $2829.69 billion in 2023 to $2998.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to industrialization and economic growth, transportation sector, petrochemical industry, electricity generation, global energy demand.
The crude oil market size is expected to see strong growth in the next few years. It will grow to $3655.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to rising transportation evolution, petrochemical industry expansion, energy transition challenges, global economic development, geopolitical factors. Major trends in the forecast period include resilience in oil markets amid energy transitions, shifting investment trends towards renewable energy, diversification in downstream operations, global efforts for energy security and independence, consumer behavior changes impacting transportation demand.
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Market Drivers and Trends:
This can be attributed to the rising demand for fossil fuels to cater to energy needs from around the world, especially in developing countries such as China and India, and the expected stabilization of oil and gas prices. Fossil fuels are made from decomposing plants and animals. These fuels are found in the Earth's crust and contain carbon and hydrogen, which can be burned for energy. Crude oil or petroleum is a liquid fossil fuel made up mostly of hydrocarbons (hydrogen and carbon compounds). Oil can be found in underground reservoirs; in the cracks, crevices, and pores of sedimentary rock; or in tar sands near the earth's surface For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the global contribution of renewable energy in the power generation mix is projected to increase from 29% to 35% by the year 2025. Therefore, the rising demand for fossil fuels to cater to energy needs from around the world is driving the growth of the crude oil market.
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.
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Major Key Players of the Market:
Saudi Arabian Oil Company, China National Petroleum Corporation, China Petroleum & Chemical Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, BP plc, Equinor ASA, ENI S.p.A., Gazprom OAO, Petróleos Mexicanos, Petrobras, Iraq National Oil Company, Rosneft Oil Company, Petroliam Nasional Berhad, ConocoPhillips, OMV Aktiengesellschaft, Sonatrach SPA, Qatar Petroleum, Occidental Petroleum Corporation, Ecopetrol S.A., Abu Dhabi National Oil Company, KazMunayGas, National Oil Corporation, PT Pertamina, Nigerian National Petroleum Corporation, Lukoil PJSC, Kuwait Petroleum Corporation
Crude Oil Market 2024 Key Insights:
• The crude oil market size is expected to see strong growth in the next few years. It will grow to $3655.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Surging Global Energy Demand Fuels Crude Oil Market Growth
• Digital Oilfield Technology Transforming The Market
• Asia-Pacific was the largest region in the crude oil market in 2023
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