Report Update: May 1, 2024

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

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National Crude Oil Price

The national crude oil price is a key indicator of the health and stability of a country's economy. Crude oil is a highly valuable and widely traded commodity that is used in a wide range of industries, from transportation and manufacturing to energy production and petrochemicals.

The price of crude oil is influenced by a variety of factors, including supply and demand dynamics, geopolitical tensions, macroeconomic factors, and market speculation. It is measured using various benchmarks, with West Texas Intermediate (WTI) and Brent Crude being the most commonly quoted benchmarks.

In the United States, the national crude oil price can fluctuate significantly due to changes in global oil markets, domestic oil production, and government policies. The country is one of the largest consumers and producers of crude oil in the world.

Factors Influencing National Crude Oil Price

Supply and Demand: The most fundamental factor affecting crude oil prices is the balance between global supply and demand. When demand exceeds supply, prices tend to rise, and vice versa. Factors such as production cuts or increases by oil-producing countries, disruptions to oil production or transportation, and changes in global economic growth can all impact the supply-demand balance.

Geopolitical Factors: Political instability, conflicts, and sanctions in major oil-producing regions can have a significant impact on crude oil prices. Any disruptions or threats to oil production in countries like Saudi Arabia, Iraq, Iran, or Venezuela can cause prices to spike due to concerns over supply interruptions.

Macroeconomic Factors: The state of the global economy can influence crude oil prices. When the economy is strong, demand for oil tends to increase, leading to higher prices. Conversely, during periods of economic downturns, demand can decline, leading to lower prices. Factors such as GDP growth, inflation, and interest rates can impact the overall demand for oil.

Market Speculation: The oil market is subject to speculation from traders and investors, which can contribute to price volatility. Speculators may buy or sell oil contracts based on their expectations of future price movements, which can influence short-term price fluctuations.

Impact of National Crude Oil Price

The national crude oil price has wide-ranging implications for both producers and consumers. Here are some of the key impacts:

Inflation: Crude oil is a major component of the production and transportation costs of many goods and services. When oil prices rise, it can lead to higher costs for businesses, which can result in increased prices for consumers. This can contribute to inflationary pressures on the overall economy.

Energy Costs: Crude oil price directly impacts the cost of energy, including gasoline, diesel, and heating oil. Increases in oil prices can lead to higher energy costs for households, businesses, and transportation, which can strain budgets and impact spending patterns.

Investments and Stock Market: The performance of oil prices can have a significant impact on energy sector investments and the overall stock market. Oil price fluctuations can affect the profitability of oil companies and influence investor sentiment. As oil is a globally traded commodity, changes in national oil prices can also impact international financial markets.

Government Revenue: For countries that are major oil producers, crude oil prices play a vital role in determining government revenue. Higher oil prices can result in increased tax revenue, royalties, and income for governments. Conversely, when oil prices are low, governments may face budget deficits and economic challenges.

Conclusion

The national crude oil price is a crucial indicator of economic health and stability. It is influenced by a complex set of factors, including supply and demand dynamics, geopolitical tensions, macroeconomic factors, and market speculation. The price of crude oil has significant impacts on inflation, energy costs, investments, stock markets, and government revenue. Analyzing and understanding national crude oil prices is essential for businesses, policymakers, investors, and consumers to make informed decisions and navigate the dynamic energy landscape.

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