Crude Oil Market Size:
The global crude oil market was valued at $1903.6 billion in 2017. Asia Pacific was the largest geographic region accounting for $660.9 billion or 34.7% of the global market. The USA was the largest country accounting for $380.3 billion or 19.9% of the global crude oil market.
Crude Oil Market Overview:
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.
Asia Pacific was the largest geographic region in the market, accounting for one-third of the global market. This was mainly due to large consumer base and major economic development in countries such as India and China.
According to The Business Research Company’s Consultant, Nitin Gianchandani, oil and gas production from shale basins using hydraulic fracturing and horizontal drilling techniques has increased crude output to the highest levels in the US. Hydraulic fracturing and horizontal drilling techniques have changed the risk profile of drilling for oil and gas. Large shale basins are yet to be developed in many countries, once they are developed the demand and supply curve of oil and gas will significantly increase global oil and gas supplies, thereby decreasing oil and gas prices.
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Royal Dutch Shell was the biggest player in the crude oil market in 2016. Royal Dutch Shell Company’s growth strategy is to overcome losses occurred due to oil and gas market crash and implement alternative green energy technologies. In 2016, the company acquired BG Group for $53 billion (GBP 36 billion), becoming world’s largest liquefied natural gas company. It reduces its global workforce by 2800. It has sold 51% stake in Shell Refining Company, Malaysia, to Malaysia Hengyuan International Limited (MHIL) for $66.3 million and 100% of Fredericia refinery in Denmark, to Dansk Olieselskab for $80 million to generate cash to cover the loses. Pilipinas Shell Petroleum Corporation, Shell’s subsidiary debuted on Philippine Stock Exchange, selling 45% of company’s stake. Shell is also looking into alternative green energy technologies by acquiring companies such as Saft, and acquired stakes in AutoGrid, and SunPower.
Crude oil is unrefined petroleum occurring naturally and is obtained onshore and off shore. It is composed of hydrocarbon deposits and other organic materials. Crude oil is refined to produce petrol, gasoline, diesel and various other forms of petrochemicals. The crude oil extraction industry includes companies carrying out exploration, development and production of petroleum.
Crude Oil Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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