The global crude oil market size reached approximately 100.50 MB/d in 2024. The market is projected to grow at a CAGR of 0.90% between 2025 and 2034, reaching around 109.92 MB/d by 2034.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

Global Crude Oil Assay Testing market size 2025 is $1549 Million whereas according out published study it will reach to $2359.26 Million by 2033. Crude Oil Assay Testing market will be growing at a CAGR of 5.4% during 2025 to 2033.

Global Crude Oil market size is expected to reach $3795.54 billion by 2029 at 4.3%, segmented as by type, transport, industrial, other types

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Key information about Iran Crude Oil: Exports

• Iran Crude Oil: Exports was reported at 1,322.634 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 900.632 Barrel/Day th for Dec 2022
• Iran Crude Oil: Exports data is updated yearly, averaging 2,122.500 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,684.100 Barrel/Day th in 2004 and a record low of 404.489 Barrel/Day th in 2020
• Iran Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

The global Crude Oil Flow Improver market was valued at USD 1.82 billion in 2022 and is projected to reach USD 2.77 billion by 2030, registering a CAGR of 5.4% for the forecast period 2023-2030. Market Dynamics of the Crude Oil Flow Improver Market Driving Factor:

Rising demand for crude oil:

Increasing demand for crude oil in petroleum products is helping to expand the Crude Oil Flow Improver market. The demand for crude oil in petroleum products is increasing due to its uses as a fuel in many equipment-like vehicles, heaters, generators, and others. For instance, In India, 249,621.61 TMT of crude oil was processed for petroleum products in 2022. Additionally, it has high demand in the chemical industry as a raw material for manufacturing several chemicals like plastics, polyurethane, and solvents. However, the use of crude oil flow improver in export and import operations helps ensure the efficient and reliable flow of crude oil throughout the transportation, and storage and supports overall logistics of crude oil export and import. Hence, as crude oil demand increases, the market for crude oil improvers will also rise.

Restraining Factor:

Stringent regulation along with fluctuating crude oil prices:

Stringent regulations regarding manufacturing, sales, import, and export of crude oil are expected to hamper the growth of the crude oil flow improver market. For instance, the International Maritime Organization (IMO) set strict standards to prevent oil pollution for crude oil transportation. This regulation includes requirements for double-hulled tankers, oil spill response plans, and limitations on oil discharge. Moreover, fluctuating prices of crude oil due to global supply & demand, government policies, currency exchange rates, geopolitical guidelines, and others are expected to hinder the growth of the crude oil flow improver market. For instance, As per the Ministry of Energy, Saudi Arabia, the largest exporter country of crude oil, will implement an additional voluntary cut in its production of crude oil from 2023-2024, which will affect the prices of crude oil.

Impact of the COVID-19 Pandemic on the Crude Oil Flow Improver Market: The outbreak of Covid-19 has witnessed a significant impact on the Crude Oil Flow Improver market growth. Due to the lockdown and supply chain disruption, the import and export of raw materials were paused or lowered. Transportation restrictions declined the demand for crude oil. As a COFI was demanded by crude oil and the specialty chemical industry, the lowered demand for crude oil negatively impacted the crude oil flow improver market. Also due to the lockdown, many industries closed, and many oil and gas projects were delayed due to economic uncertainty, hampered the crude oil flow improver market. Post-covid, the supply chain runs smoothly as the guidelines were released and the lockdown opened. Export and import of crude oil resumed so the rising global crude oil industry led to the expansion of the COFI market. What is crude oil?

Crude Oil Flow Improver is a chemical additive that is mostly used in the oil and gas industry to enhance the flow capacity of crude oil. Crude oil has a high viscosity and impurities in its natural state that hamper the flow of oil. For that, the COFI is used to enhance the flow of crude oil. Moreover, Crude Oil Flow Improver is also known as a drag-reducing agent (DRA) as it reduces friction and improves the flow efficiency of crude oil in pipelines. Crude oil flow improver is used as a catalyst to decrease viscosity, lower the pour point, and lower the drag coefficient of crude oil.

Key information about China Crude Oil: Imports

• China Crude Oil: Imports was reported at 11,308.860 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 10,187.048 Barrel/Day th for Dec 2022
• China Crude Oil: Imports data is updated yearly, averaging 1,400.537 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 11,308.860 Barrel/Day th in 2023 and a record low of 1.404 Barrel/Day th in 1981
• China Crude Oil: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Imports

The global reserve crude oil market is being supported by the rising demand for fuel oil, which stood at a volume of nearly 106279.67 KB/d in 2024. The demand for fuel oil is further expected to grow at a CAGR of 2.00% over the forecast period of 2025-2034 to attain a volume of 129554.32 KB/d by 2034.

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Crude Oil Desalter Market Size 2024-2028

The crude oil desalter market size is forecast to increase by USD 9.2 million at a CAGR of 0.7% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. With the expansion of oil production in deeper seas, there is a rising need for desalting technology to remove impurities from crude oil. Integration of refinery and petrochemical operations is another trend driving market growth, as desalting helps increase the yield of petroleum products such as gasoline. Additionally, increasing investments in renewable power generation have led to a decrease in oil prices, making crude oil desalting a cost-effective solution for oil companies. The Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing nations continue to rely heavily on crude oil desalting to meet the increasing demand for petroleum products from developing countries. This market is expected to continue its growth trajectory in the coming years.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth due to the increasing importance of enhancing petroleum refining processes for improved energy security and sustainability. The desalting technology plays a crucial role in ensuring the optimal functioning of refineries by removing impurities such as salt and water from crude oil. This is a critical process in the petroleum industry as it helps maintain the quality of petroleum products by removing impurities that can negatively impact their performance. With the growing emphasis on energy efficiency and sustainability, desalting technology has gained increasing importance in the refining sector. Water scarcity is a significant challenge in the oil and gas industry, and desalting technology plays a vital role in addressing this issue. By removing water from crude oil, desalting processes help reduce the volume of water that needs to be treated and disposed of, thereby contributing to water conservation efforts. Moreover, desalting technology is essential in ensuring the production of high-quality petroleum products, which is crucial for meeting the evolving energy demands of various industries. Energy efficiency in desalting and desalting optimization are crucial for reducing costs in processes like crude oil desalting and salt removal, while innovations in in-house dehydrating and cost reduction strategies promise to enhance the future of desalting, potentially benefiting industries from oil refining to public transportation.



Moreover, with increasing awareness of the need for sustainable development, desalting technology is becoming an essential component of sustainable refining processes. Desalting technology is also playing a crucial role in the optimization of refinery operations. Refinery automation is transforming the oil refining process, with innovations in crude oil dehydration and oil desalting processes improving efficiency, while the integration of smart grids and hydrogen energy solutions is shaping the future of onshore industry and advancing sustainability in desalination equipment. The desalting process is also essential in the production of aviation fuel, which requires high-quality petroleum products to meet stringent specifications. Desalting technology helps ensure that aviation fuel meets these specifications by removing impurities that can negatively impact fuel performance and engine efficiency.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Multi-stage desalter
  Single-stage desalter


Geography

  APAC

    China
    India
    Japan


  North America

    Canada
    US


  Europe

    UK


  Middle East and Africa



  South America

By Product Insights

The multi-stage desalter segment is estimated to witness significant growth during the forecast period.

In the realm of crude oil production, particularly in deeper seas, the process of desalting plays a crucial role. Desalting is essential to remove water emulsions from crude oil before refining petroleum products such as gasoline. The electrostatic field created by multi-stage desalters subjects the emulsions to high voltage, dispersing the water. Gravity then facilitates the collection of water at the bottom of these desalters for treatment and disposal. The pre-treated emulsion undergoes further processing in a second-stage desalter, where it is exposed to electrical voltage grids. The enlarged water droplets are subsequently separated by gravity, and the recycled water is used once more in the first stage of the desalter.

Furthermo

The global crude oil assay testing services market, valued at $3,345 million in 2025, is projected to experience steady growth, driven by increasing demand for accurate oil quality assessment and stringent regulatory compliance across the oil and gas industry. The rising complexity of crude oil compositions necessitates precise testing for various parameters, including total distillation, freeze point, smoke point, and total sulfur content. This demand is further fueled by the expansion of oil exploration and production activities, particularly in emerging economies, alongside the growing emphasis on optimizing refinery processes and maximizing product yield. Technological advancements in assay testing techniques, such as improved automation and faster turnaround times, are also contributing to market expansion. While the market faces restraints such as fluctuating oil prices and the potential for substitution by alternative testing methods, the long-term outlook remains positive, supported by the continuous need for reliable oil quality control and the anticipated growth in global oil consumption. The market segmentation reveals a significant share held by the oil & gas application segment, followed by research and development activities. Among testing service types, Total Distillation Crude Oil Assay Testing Services likely commands a substantial market share due to its fundamental role in determining crude oil properties. Geographical analysis indicates a strong presence in North America and the Middle East & Africa, regions with established oil & gas industries. Major players such as Intertek, SGS, and Bureau Veritas dominate the market landscape due to their established global presence, extensive testing capabilities, and strong client relationships. Competitive dynamics are characterized by technological innovation, strategic partnerships, and geographical expansion, shaping the future trajectory of the crude oil assay testing services market. The forecast period (2025-2033) anticipates consistent growth, albeit potentially subject to macroeconomic factors influencing oil prices and industry investment.

The Gasoline and Petroleum Wholesaling industry has endured a slight revenue drop over the past five years. Profit has also taken a hit, mainly because of increasing purchase fees. Validating its central role in the national economy, the industry has remained a crucial intermediary between oil refiners and final consumers. Despite challenges, the sector is resilient and adaptable to shifting market conditions. The industry also remains vital for fueling transportation, heating and various industrial operations. Its performance is closely watched as an indicator of broader economic health. Industry revenue inched downwards at a CAGR of 0.8% over the past five years and is expected to total $644.4 billion in 2024, when revenue will jump by an estimated 1.5%. Rising costs and market volatility have driven the decline in profit. Companies have had to navigate a shifting landscape with fluctuating oil prices and expanding energy policies. Despite these hurdles, the industry has maintained a stable customer base owing to the essential nature of its products and services. Gasoline and petroleum remain indispensable goods for consumers and businesses alike. Still, external competition from alternative energy sources has also posed a challenge. The next five years present a more optimistic outlook for the industry. Companies will adapt to new technologies and more efficient delivery methods, which can help reduce costs. Regulatory changes may also benefit the industry by creating a more favorable business environment. Long-term investments in infrastructure and supply chain improvements will play a significant role in bolstering profitability. The continued development of the energy sector will also bring about new opportunities. Expansion into renewable energy offerings could help diversify revenue streams. Industry revenue is expected to crawl upward at a CAGR of 0.6% to $662.3 billion over the five years to 2029.

The German crude oil market rose slightly to $46.9B in 2024, growing by 3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a perceptible curtailment. Crude oil consumption peaked at $66.7B in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.

Key information about Russia Crude Oil: Production

• Russia Crude Oil: Production was reported at 9,592.386 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 9,756.049 Barrel/Day th for Dec 2022
• Russia Crude Oil: Production data is updated yearly, averaging 9,261.952 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 11,152.736 Barrel/Day th in 1987 and a record low of 2,683.100 Barrel/Day th in 1960
• Russia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

The dataset contains droplet size measurements from autoclave jet experiments with BP Surrogate Oil, partly saturated with methane, at 150 bar ambient pressure at 20° C and with elevated oil reservoir pressure. The dataset includes two tables: particle size distributions (PSD) of (1) crude oil and (2) methane-saturated crude oil jets entering into seawater at elevated ambient pressure. The crude oil used is Louisiana Sweet Crude (LSC) oil from Marlin Platform Dorado ("Surrogate oil"), provided by BP, item ID A010E4. For this experiment, the oil pressure was 160 +/- 1 bar and the oil volume flow is 1.56 - 1.71 l/min. The other related measurements conducted in slightly different laboratory environmental settings (the oil pressure 150 +/- 1bar and oil volume flow 1.99 - 2.16 l/min) is available under GRIIDC UDI R4.x267.000:0047.

This feature layer represents Petroleum Terminals. Petroleum Terminals are used to provide storage of both crude oil and refined petroleum products. Data contains locational and other attribute information for operable bulk petroleum product terminals with a total bulk shell storage capacity of 50,000 barrels or more, and/or ability to receive volumes from tanker, barge, or pipeline. Geographical coverage includes the United States, U.S. Virgin Islands, Puerto Rico, and Guam.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

Key information about Turkmenistan Crude Oil: Production

• Turkmenistan Crude Oil: Production was reported at 162.575 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 166.953 Barrel/Day th for Dec 2018
• Turkmenistan Crude Oil: Production data is updated yearly, averaging 102.974 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 206.227 Barrel/Day th in 2015 and a record low of 26.300 Barrel/Day th in 1960
• Turkmenistan Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Key information about United States Crude Oil: Imports

• United States Crude Oil: Imports was reported at 6,478.000 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 6,281.000 Barrel/Day th for Dec 2022
• US Crude Oil: Imports data is updated yearly, averaging 7,353.500 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 10,126.000 Barrel/Day th in 2005 and a record low of 3,201.000 Barrel/Day th in 1985
• US Crude Oil: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Imports

Crude Oil Production in the United States increased to 13468 BBL/D/1K in April from 13450 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.