September 23, 2022 11:20 ET | Source: ReportLinker ReportLinker
New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Crude Oil Global Market Report 2022" - https://www.reportlinker.com/p06320384/?utm_source=GNW 41 billion in 2021 to $1415.95 billion in 2022 at a compound annual growth rate (CAGR) of 4.2%. The crude oil market is expected to grow to $1474.88 billion in 2026 at a compound annual growth rate (CAGR) of 1.0%. 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. The main types of crude oil are transport, industrial, and other types.Industrial refers to a company whose main business is producing goods. Nature is organic and conventional. The various end-users involved food and beverage, personal care and cosmetics, biofuel and energy, pharmaceuticals, and other end users. 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. 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.Fossil fuels are made from decomposing plants and animals. These fuels are found in the Earth’s crust and contain carbon and hydrogen, which can be burned for energy.Crude oil or petroleum is a liquid fossil fuel made up mostly of hydrocarbons (hydrogen and carbon compounds). Oil can be found in underground reservoirs; in the cracks, crevices, and pores of sedimentary rock; or in tar sands near the earth’s surface 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 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. For instance, in May 2109 NRG Energy a US base natural gas and electric power generation company acquired Stream Energies for a deal amount of $300 million By this acquisition NRG Energy buys retail electricity and natural gas businesses which helps to strengthen NRG’s position as a growing, customer-driven energy company. Stream Energy is a US-based company that produces electricity and natural gas. 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. Read the full report: https://www.reportlinker.com/p06320384/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________