Crude Oil Market Size, Share, Growth Analysis, By Type(Light Crude Oil, Medium Crude Oil, Heavy Crude Oil, Extra Heavy Crude Oil), By End-Use(Transportation (Gasoline, Diesel, Jet Fuel), Industrial (Petrochemicals), By Refining Processes(Upstream, Midstream, Downstream), By Region - Industry Forecast 2024-2031

Global Crude Oil Market size was valued at USD 2.08 billion in 2022 and is poised to grow from USD 7.3 billion in 2023 to USD 10.14 billion by 2031, growing at a CAGR of 4.20% in the forecast period (2024-2031).

The balance between supply and demand has had a significant impact on the worldwide crude oil market in the past few years. Price fluctuations can occur due to changes in both factors. Geopolitical events, major oil producing country production choices, and natural disasters all influence supply.

Emerging market trends, industrial activity, economic growth, and transportation needs all play a role in affecting demand, especially with the rise of electric vehicles. Global oil prices are greatly affected by OPEC, a significant entity in the Petroleum Exporting Organization.

Production levels and prices are stabilized through collaboration among OPEC member nations. The US, as a producer of shale oil, alongside non-OPEC countries, will also have an effect on market trends.

Overall supply is influenced by the competition occurring between both OPEC and non-OPEC producers. Calls for cleaner alternatives to traditional fossil fuels have become increasingly prevalent due to growing global awareness of environmental issues. This has resulted in a focus on renewable energy sources.