The Crude Oil Market To Grow At A Higher Rate
Posted January 31, 2019 by srikanthgtbrc
The crude oil market size is expected to grow at a CAGR of around 4.5% during the forecast period. This can be attributed to the rising demand for fossil fuels to cater to energy needs from around the world
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The global crude oil market size is expected to grow at a CAGR of around 4.5% during the forecast period.
Crude Oil Market Trends
The crude oil market consists of sales of crude oil by entities (organizations, sole traders and partnerships) carrying out exploration, development and production of petroleum and natural gas (by using pumping technologies and systems), as well as hydrocarbons which are in a semi solid state from surface shales or tar sands.
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 global Crude Oil market is primarily driven by 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.
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The global Crude Oil market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With economic growth, increase in positive economic outlook, 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, the global Crude Oil market is expected to increase in potential and scope. TBRC’s report also covers the Crude Oil drivers and restraints in the market.
The global Crude Oil market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global Crude Oil market report are Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Rosneft, Kuwait Petroleum Corporation.
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| Tags | crude oil market , transport market |
| Last Updated | January 31, 2019 |