Crude Oil Market 2023 | Size, Top Trends, Growth, Share, Key Drivers | Royal Dutch Shell, Exxon Mobil Corporation BP Plc, Rosneft, and Kuwait Petroleum Corporation

The Crude Oil Global Market Report 2023 by The Business Research Company, provides crude oil market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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As elucidated in The Business Research Company’s insightful Crude Oil Global Market Report for 2023, the trajectory of market expansion is poised for notable growth, projecting an increase from $2747.78 billion in 2022 to $2904.09 billion in 2023, underpinned by a commendable compound annual growth rate (CAGR) of 5.7%. However, the specter of the Russia-Ukraine conflict has cast a shadow over global economic recovery in the immediate aftermath of the COVID-19 pandemic. This geopolitical upheaval has triggered far-reaching consequences, including economic sanctions, spikes in commodity prices, supply chain disruptions, and a pervasive inflationary impact on goods and services worldwide.

Looking ahead to 2027, the anticipated market size for crude oil is expected to reach $3481.5 billion, experiencing a CAGR of 4.6%. This growth can be ascribed to the escalating demand for fossil fuels, particularly in burgeoning economies like China and India, where energy needs continue to surge. Moreover, the anticipated stabilization of oil and gas prices further contributes to the positive trajectory. Fossil fuels, derived from the decomposition of organic matter, represent a cornerstone in meeting global energy demands. Predominantly comprised of carbon and hydrogen, these fuels, nestled within the Earth’s crust, serve as a valuable source of combustible energy. Among these fossil fuels, crude oil or petroleum takes center stage, characterized as a liquid fuel primarily composed of hydrocarbons. Whether nestled in subterranean reservoirs, sedimentary rock crevices, or near the Earth’s surface in tar sands, the ubiquity of oil resources positions it as a critical player in the global energy landscape.

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The crude oil market is segmented:

1) Crude Oil Market By Type: Transport, Industrial, Other Types

2) Crude Oil Market By Derivatives: Paraffin, Naphthene, Aromatic, Asphaltic

3) Crude Oil Market By Nature: Organic, Conventional

Top Major Players

Royal Dutch Shell

Exxon Mobil Corporation BP Plc

Rosneft and

Kuwait Petroleum Corporation

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.

The crude oil market report table of contents includes:

1. Executive Summary

2. Report Structure

3. Crude Oil Market Characteristics

4. Crude Oil Market Product Analysis

5. Crude Oil Market Supply Chain

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20. Key Mergers And Acquisitions In The Crude Oil Market

21. Market Background: Oil & Gas Upstream Activities Market

22. Recommendations

23. Appendix

24. Copyright And Disclaimer