The Crude Oil Market Was Valued At $2 Trillion In 2017 According To TBRCÂ’S Latest Report

(MoneyNewsWire.Net, July 20, 2018 ) Crude oil is unrefined petroleum occurring naturally and is obtained onshore and off shore. It is composed of hydrocarbon deposits and other organic materials. Crude oil is refined to produce petrol, gasoline, diesel and various other forms of petrochemicals. The crude oil extraction industry includes companies carrying out exploration, development and production of petroleum.

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The global crude oil market was valued at $2 trillion in 2017. This was mainly due to declining crude oil prices driven by oversupply, geo-political factors, and increased shale oil production.

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The USA was the largest country accounting for one-fifth of the global crude oil market due to digital oilfield technology is recently being used by Oil and gas extraction companies, to enhance oil and gas production. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points followed by China and India.

The top five competitors in the market are Saudi Aramco, Rosneft, Kuwait Petroleum Corporation and Iraq Ministry of Oil out of which Saudi Aramco share most of the market. Saudi Aramco is the state-owned oil company of the Kingdom of Saudi Arabia and a fully integrated, global petroleum and chemicals enterprise.

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