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The global crude oil market is expected to grow from $1.35 trillion in 2021 to $1.41 trillion in 2022 at a compound annual growth rate (CAGR) of 4.2%. The global crude oil market size is expected to grow to $1.47 trillion in 2026 at a compound annual growth rate (CAGR) of 1.0%.

The rising demand for fossil fuels to cater to energy needs around the world is driving the growth of the crude oil market.

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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 shale or tar sands.

Global Crude Oil Market Segments Include:
By Type: Transport, Industrial, Others

By Nature: Organic, Conventional

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific is the largest region in the global crude oil market in 2021.

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 the efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points.

TBRC’s Crude Oil Market Report Covers:

Major Market Players: Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Rosneft, and Kuwait Petroleum Corporation.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Crude Oil Global Market Report 2022  is one of a series of new reports from The Business Research Company that provides crude oil market overviews, analyzes and forecasts market size, share, crude oil market players, crude oil market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s crude oil market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports From The Business Research Company:

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