Report Update: May 1, 2024

World - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends And Insights

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Crude Oil Price by Country

Crude oil prices vary by country depending on a range of factors including production levels, transportation costs, taxes, political stability, and global supply and demand dynamics. Here is an overview of crude oil prices in some of the major oil-producing countries:

Saudi Arabia

Saudi Arabia is the world's largest crude oil exporter and is known for its huge oil reserves. The country plays a significant role in determining global oil prices. The Saudi Arabian government sets the price of its crude oil for international markets based on the average price of benchmark crude oils such as Brent and WTI (West Texas Intermediate). The pricing policy is influenced by factors such as production costs, market demand, and geopolitical considerations.

United States

The United States is the world's largest consumer of oil and also one of the largest producers. Crude oil prices in the U.S. are influenced by both domestic production and global market factors. The U.S. benchmark crude oil is WTI, which is traded on the New York Mercantile Exchange (NYMEX). The price of WTI is affected by factors such as inventory levels, refinery capacity, and global supply and demand dynamics.

Russia

Russia is one of the largest oil producers in the world and is a major player in influencing global oil prices. The country's crude oil prices are determined by its domestic production levels, transportation costs, and export policies. The pricing of Russian crude oil is influenced by factors such as the Urals crude oil blend, which serves as the country's benchmark, and global benchmarks like Brent and WTI.

Iran

Iran is an important oil-producing country with substantial reserves. The pricing of Iranian crude oil is influenced by factors such as the country's production levels, export policies, and geopolitical considerations. Due to international sanctions in the past, Iran had limited access to global oil markets, impacting its pricing.

Iraq

Iraq is one of the largest oil producers in the Middle East and a key player in global oil markets. The country's crude oil prices are influenced by factors such as production levels, export policies, and geopolitical factors. Iraq's crude oil is priced based on the average of different benchmark crudes such as Brent, Dubai, and Oman.

Canada

Canada is one of the world's largest producers of crude oil, mainly from oil sands. The country's crude oil prices are influenced by factors such as production levels, transportation costs, and market demand. The benchmark crude oil price in Canada is Western Canadian Select (WCS), which is priced relative to WTI.

Venezuela

Venezuela is known for having one of the largest oil reserves in the world. The country's crude oil prices are influenced by factors such as production levels, export policies, and geopolitical considerations. The pricing of Venezuelan crude oil is influenced by global benchmark prices as well as the country's state-controlled oil company, PDVSA.

Nigeria

Nigeria is one of the largest oil producers in Africa and its crude oil prices are influenced by factors such as production levels, export policies, and market demand. The pricing of Nigerian crude oil is influenced by global benchmark prices such as Brent, Bonny Light, and Forcados.

United Arab Emirates (UAE)

The UAE is one of the major oil producers in the Middle East and a key player in influencing global oil prices. The country's crude oil prices are influenced by factors such as production levels, export policies, and market dynamics. The pricing of UAE's crude oil is based on the Dubai crude oil benchmark, which serves as a reference for Middle Eastern oil prices.

Kuwait

Kuwait is a significant oil producer in the Middle East and is a member of the Organization of the Petroleum Exporting Countries (OPEC). The country's crude oil prices are influenced by factors such as production levels, export policies, and global market dynamics. Kuwait's crude oil is priced based on the average of different benchmark crudes such as Dubai and Oman.

Conclusion

Crude oil prices vary by country due to a multitude of factors. While the above countries are major players in the global oil market, there are many other oil-producing countries each with their own pricing mechanisms. Understanding the factors that influence crude oil prices in each country is crucial for assessing the global oil market and its impact on various economies.

This report provides an in-depth analysis of the global market for crude oil and processed petroleum. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

Global market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Global production, split by region and country
Global trade (exports and imports)
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023