With increase in 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 scope and potential for the global crude oil market is expected to significantly rise in the forecast period.
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.
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The crude oil market is expected to reach a value of nearly $1.4 trillion by 2022, significantly decline at a growth rate of around 1% during the forecast period. 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.
However, the market for crude oil is expected to face certain restraints from several factors such as rising political issues around the world and new trade barriers in recent years.
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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 oil and gas market, of which the crude oil market is a segment, includes sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals.
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The crude oil market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider oil and gas market and compares it with other markets.