Crude Oil Global Market Report 2023: Digital Oilfield Technology Set to Reshape Sector Moving Forward


Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Crude Oil Global Market Report 2023" report has been added to's offering.

The global crude oil market will grow from $2747.78 billion in 2022 to $2904.09 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The crude oil market is expected to grow from $3481.5 billion in 2027 at a CAGR of 4.6%.

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.For instance, in 2020, according to the Centre for Strategic and International Studies, coal made up 56.8 % of China's energy use. 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 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.

In April 2021, Vencer Energy LLC, a US-based upstream oil and gas company, acquired Hunt Oil Company's Midland Basin assets for an undisclosed sum. This acquisition would realise Vencer's objective of being the owner of high-quality, mature, producing assets with exciting development potential. It is the first step toward creating a more substantial, long-lasting platform in the Lower 48 States. The acquisition marks Vencer's first since Vitol founded the company last year. Hunt Oil Company is a US-based independent oil and gas company.

Asia-Pacific was the largest region in the crude oil market. The regions covered in this crude oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the crude oil market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

Executive Summary:

Crude Oil Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on crude oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Markets Covered:

1) By Type: Transport; Industrial; Other Types
2) By Derivatives: Paraffin; Naphthene; Aromatic; Asphaltic
3) By Nature: Organic; Conventional

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Crude Oil Market Characteristics

4. Crude Oil Market Product Analysis

5. Crude Oil Market Supply Chain

6. Crude Oil Market Customer Information

7. Crude Oil Market Trends And Strategies

8. Crude Oil Market Size And Growth

9. Crude Oil Market Regional Analysis

10. Crude Oil Market Segmentation

11. Crude Oil Market Metrics

A selection of companies mentioned in this report includes

  • Royal Dutch Shell
  • Exxon Mobil Corporation
  • BP Plc
  • Rosneft
  • Kuwait Petroleum Corporation

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