Global Crude Oil Market

Crude Oil Market Size, Share, Growth Analysis, By Type(Light Crude Oil, Medium Crude Oil, Heavy Crude Oil, Extra Heavy Crude Oil), By End-Use(Transportation (Gasoline, Diesel, Jet Fuel), Industrial (Petrochemicals), By Refining Processes(Upstream, Midstream, Downstream), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10C2023 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 96 |Figures: 76

Crude Oil Market Insights

Global Crude Oil Market size was valued at USD 2.08 billion in 2022 and is poised to grow from USD 7.3 billion in 2023 to USD 10.14 billion by 2031, growing at a CAGR of 4.20% in the forecast period (2024-2031).

The balance between supply and demand has had a significant impact on the worldwide crude oil market in the past few years. Price fluctuations can occur due to changes in both factors. Geopolitical events, major oil producing country production choices, and natural disasters all influence supply.

Emerging market trends, industrial activity, economic growth, and transportation needs all play a role in affecting demand, especially with the rise of electric vehicles. Global oil prices are greatly affected by OPEC, a significant entity in the Petroleum Exporting Organization.

Production levels and prices are stabilized through collaboration among OPEC member nations. The US, as a producer of shale oil, alongside non-OPEC countries, will also have an effect on market trends.

Overall supply is influenced by the competition occurring between both OPEC and non-OPEC producers. Calls for cleaner alternatives to traditional fossil fuels have become increasingly prevalent due to growing global awareness of environmental issues. This has resulted in a focus on renewable energy sources.

Market Snapshot - 2024-2031

Global Market Size

USD 2.08 billion

Largest Segment

Light Crude Oil

Fastest Growth

Medium Crude Oil

Growth Rate

4.20% CAGR

Global Crude Oil Market ($ Bn)
Country Share for Middle East & Africa Region (%)

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Crude Oil Market Segmental Analysis

The global crude oil market is segmented into four major segments i.e. by crude oil types, end-use industries, refining processes, and region. Based on crude oil types, it is divided into light crude oil, medium crude oil, heavy crude oil, and extra heavy crude oil. Based on end-use industries, it is bifurcated as transportation (gasoline, diesel, jet fuel), industrial (petrochemicals, plastics, lubricants), residential and commercial, and power generation. Based on the refining process it is segregated into, upstream, midstream, and downstream. Based on region, the market is segmented into the Middle East, North America, Africa, Asia-Pacific, Europe, South America.

Analysis by Type

Light crude oil has always held a sizable market share. It is preferred because it produces more valuable products—like gasoline—with a higher yield. Light crude oil is preferred because it has a lower density and sulphur content. And it might still be in charge if petrol demand is strong. Improvements in technology may affect the way light crude oil is processed. The efficient processing of heavy or extra heavy crude oils may become more feasible as refining technology develops.

With the surge of environmental awareness and stringent regulations, medium crude oil has gained immense popularity. This marked rise of medium grade crude may potentially affect the market for refined products due to the emergence of electric vehicles and changes in transportation preferences. Such shifts could influence the consumption of light crude oil, which is highly favored for petrol. Moreover, the evolution of medium crude would largely depend on the financing of particular exploration and production areas. These investment determinations are invariably swayed by geopolitical stability and economic factors.

Analysis by End-Use

For many years the transportation industry has heavily relied on petroleum for producing gas, diesel and aviation fuel. With ongoing worldwide population increases and greater mobility needs, requirements for these fuels stay consistent. Electric automobiles have the opportunity to challenge the primacy of transportation fuels. However, the speed of this shift will affect factors like infrastructure improvements, governmental plans, and user priorities.

Some industries particularly connected to Industrial end-use industries options appear poised to expand rapidly. The emphasis on sustainability and diminished carbon output could motivate capital into sectors like solar and wind energy. Businesses centered around reusing and benefiting from waste, including plastics and other substances from petroleum, may see growth as circular economic models become more widespread and accepted.

Global Crude Oil Market By Type, 2022 (%)

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Crude Oil Market Regional Insights

The Middle East region has historically had a significant impact on the global oil market due to its known significant underground reserves. Major oil producing countries such as the Kingdom of Saudi Arabia, Iraq, and the United Arab Emirates play a central role in global oil procurement. The Middle East is constantly investing to expand and diversify its oil and gas sector. The possibility of new discoveries and continuous investments in production facilities increase its development potential.

North America particularly, United States, with its significant shale oil production, has become a major player in the global crude oil market. The ability to rapidly adjust production levels in response to market conditions gives North America a strategic advantage. Continued advancements in shale oil extraction technologies and the development of unconventional resources contribute to the region's growth potential. However, this can be influenced by market dynamics and environmental considerations.

Global Crude Oil Market By Region, 2024-2031
  • Largest
  • Fastest

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Crude Oil Market Dynamics

Drivers

Increasing Competition Between OPEC and Non-OPEC Producers

  • The geopolitical events play a pivotal role, with tensions in key oil-producing regions impacting supply chains and contributing to price volatility. The decisions and production levels set by major oil-producing countries, particularly within the Organization of the Petroleum Exporting Countries (OPEC), significantly influence global supply. Moreover, the ongoing competition between OPEC and non-OPEC producers, particularly notable in the context of the United States' shale oil production, contributes to the overall balance of supply and demand.

Restraints

High Geopolitical Uncertainties and Conflicts in Oil-producing Regions

  • One of the main market restraints is the geopolitical uncertainties and conflicts in major oil-producing regions pose a significant constraint, disrupting supply chains and contributing to market volatility. Environmental concerns and stringent regulations, aimed at reducing carbon emissions and promoting sustainable practices, present challenges for the traditional fossil fuel industry. The fluctuating demand for crude oil, influenced by economic downturns or shifts towards renewable energy sources, creates an inherent instability.

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Crude Oil Market Competitive Landscape

The competitive environment of the crude oil market is dynamic and characterized by the presence of key players, both national and international, engaging in exploration, production, refining, and distribution activities. National Oil Companies (NOCs) from major oil-producing countries, such as Saudi Aramco, are prominent players with significant control over vast reserves and production capacities. International Oil Companies (IOCs), including ExxonMobil and Shell, contribute to the competition through global operations and diversified portfolios. Independent Exploration and Production (E&P) companies, often specializing in specific regions or unconventional resources, add further dynamism to the market.

Top Player’s Company Profiles

  • Chevron
  • TotalEnergies
  • BP
  • Sinopec
  • CNPC
  • Rosneft
  • Eni
  • Valero Energy
  • Marathon Petroleum
  • Phillips 66
  • Petrobras
  • Equinor
  • Repsol
  • Lukoil
  • ADNOC
  • Kuwait Petroleum Corporation

Recent Developments

  • In August 2023, Sentinel Midstream formed a second joint venture with ExxonMobil Pipeline Company LLC to expand its last-mile infrastructure platform. The joint venture, called Enercoast Midstream Louisiana LLC, provides critical pipeline connections between oil terminals in Raceland, St. James, and Anchorage, Louisiana.
  • In October 2023, Pioneer Natural Resources and Exxon Mobil Corporation jointly announced that ExxonMobil will acquire Pioneer in its entirety. In terms of value, the merger is an all-stock deal worth USD 59.5 billion, or USD 253 per share, based on the closing price of ExxonMobil.

Crude Oil Key Market Trends

Rising Emphasis on Environmental Sustainability

  • The increasing emphasis on environmental sustainability, driven by global efforts to reduce carbon emissions. The integration of renewable energy sources and the transition towards cleaner alternatives impact the long-term demand for traditional crude oil products. Additionally, there is a growing focus on technological innovations within the industry, including advancements in extraction techniques, digitalization, and automation to enhance operational efficiency and cost-effectiveness. Geopolitical dynamics continue to play a crucial role, with shifts in alliances and production agreements influencing global supply chains.

Crude Oil Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global crude oil market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. This is propelled by increasing energy demands, technological advancements in extraction, and robust economic growth. However, geopolitical tensions, stringent environmental regulations, and the transition to renewable energy act as significant restraints. In product type analysis, light crude dominates due to its versatility. Regionally, the Middle East remains a key player, yet North America's shale oil production is pivotal. Key trends include a shift toward sustainable practices, digitalization in oil operations, and the exploration of unconventional sources. Navigating these dynamics requires industry players to adapt strategies to balance traditional demand with evolving market trends.

Report Metric Details
Market size value in 2022 USD 2.08 billion
Market size value in 2031 USD 10.14 billion
Growth Rate 4.20%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Light Crude Oil, Medium Crude Oil, Heavy Crude Oil, Extra Heavy Crude Oil
  • End-Use
    • Transportation (Gasoline, Diesel, Jet Fuel), Industrial (Petrochemicals, Plastics, Lubricants), Residential and Commercial, Power Generation
  • Refining Processes
    • Upstream, Midstream, Downstream
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Chevron
  • TotalEnergies
  • BP
  • Sinopec
  • CNPC
  • Rosneft
  • Eni
  • Valero Energy
  • Marathon Petroleum
  • Phillips 66
  • Petrobras
  • Equinor
  • Repsol
  • Lukoil
  • ADNOC
  • Kuwait Petroleum Corporation
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Crude Oil Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Crude Oil Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Crude Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Crude Oil Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Crude Oil Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Crude Oil Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Crude Oil Market size was valued at USD 2.08 billion in 2022 and is poised to grow from USD 7.3 billion in 2023 to USD 10.14 billion by 2031, growing at a CAGR of 4.20% in the forecast period (2024-2031).

The competitive environment of the crude oil market is dynamic and characterized by the presence of key players, both national and international, engaging in exploration, production, refining, and distribution activities. National Oil Companies (NOCs) from major oil-producing countries, such as Saudi Aramco, are prominent players with significant control over vast reserves and production capacities. International Oil Companies (IOCs), including ExxonMobil and Shell, contribute to the competition through global operations and diversified portfolios. Independent Exploration and Production (E&P) companies, often specializing in specific regions or unconventional resources, add further dynamism to the market. 'Saudi Aramco', 'Exxon Mobil', 'Chevron', 'Shell', 'ConocoPhillips', 'TotalEnergies', 'BP', 'Sinopec', 'CNPC', 'Rosneft', 'Eni', 'Valero Energy', 'Marathon Petroleum', 'Phillips 66', 'Petrobras', 'Equinor', 'Repsol', 'Lukoil', 'ADNOC', 'Kuwait Petroleum Corporation'

The geopolitical events play a pivotal role, with tensions in key oil-producing regions impacting supply chains and contributing to price volatility. The decisions and production levels set by major oil-producing countries, particularly within the Organization of the Petroleum Exporting Countries (OPEC), significantly influence global supply. Moreover, the ongoing competition between OPEC and non-OPEC producers, particularly notable in the context of the United States' shale oil production, contributes to the overall balance of supply and demand.

The increasing emphasis on environmental sustainability, driven by global efforts to reduce carbon emissions. The integration of renewable energy sources and the transition towards cleaner alternatives impact the long-term demand for traditional crude oil products. Additionally, there is a growing focus on technological innovations within the industry, including advancements in extraction techniques, digitalization, and automation to enhance operational efficiency and cost-effectiveness. Geopolitical dynamics continue to play a crucial role, with shifts in alliances and production agreements influencing global supply chains.

The Middle East region has historically had a significant impact on the global oil market due to its known significant underground reserves. Major oil producing countries such as the Kingdom of Saudi Arabia, Iraq, and the United Arab Emirates play a central role in global oil procurement. The Middle East is constantly investing to expand and diversify its oil and gas sector. The possibility of new discoveries and continuous investments in production facilities increase its development potential.

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Global Crude Oil Market

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