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.

In 2024, the total demand volume of crude oil and oil products in Thailand amounted to nearly 1.4 million barrels per day. The figures show a fluctuating demand in crude oil and oil products in the country.

Energy Supply and Demand for Crude Oil refer to data for each component of supply and demand for crude oil in Malaysia reported in kilo tonnes of oil equivalent (ktoe)

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.

Crude Oil Market Outlook

As of 2023, the global crude oil market size was valued at approximately USD 1.3 trillion, and it is expected to reach USD 1.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The growth of this market is fueled by increasing demand in various industrial applications, coupled with advancements in extraction technologies that have made previously unrecoverable reserves accessible. Furthermore, the ongoing industrialization in emerging economies and the rising global energy demand are significant factors contributing to the market expansion. These factors are expected to consistently drive the crude oil market over the coming decade, despite growing environmental concerns and the push for renewable energy sources.

The primary growth factor for the crude oil market is the expanding global transportation sector, which remains heavily reliant on fossil fuels. As both personal and commercial transportation increases, so does the demand for crude oil, as it is the primary raw material for the production of fuels like gasoline, diesel, and aviation fuel. This is particularly evident in regions with burgeoning automotive markets and aviation sectors, where there is a continuous need to meet the energy requirements. Moreover, the development of infrastructure in developing countries is further bolstering the consumption of crude oil, especially in sectors such as road and air transport, which are pivotal to economic progress.

Another significant factor contributing to the growth of the crude oil market is its broad application base across various industrial sectors. Crude oil is not only a vital energy source but also a critical input for numerous petrochemical products, which are integral to industries such as plastics, pharmaceuticals, and chemicals. The industrial demand for crude oil is expected to remain robust as these sectors continue to expand, driven by technological innovations and a growing global population. Additionally, the power generation sector still relies on crude oil, albeit to a lesser extent, maintaining a steady demand alongside the increasing share of renewable energy sources.

Technological advancements in extraction techniques like hydraulic fracturing and horizontal drilling have unlocked new reserves, contributing significantly to supply-side growth. These technologies have made it economically viable to extract oil from unconventional sources such as shale formations and deep-sea reserves. This has not only increased the global supply of crude oil but also enhanced the competitiveness of oil-producing countries, particularly the United States, which has emerged as a major player in the global market. As technology continues to evolve, it is expected to further streamline production processes, reduce costs, and open up new areas for exploration.

Regionally, the Asia Pacific region is projected to witness the highest growth in the crude oil market, driven by rapid industrialization and urbanization in countries like China and India. The region's demand for energy is skyrocketing, fueled by economic development and an increasing population. North America remains significant due to advancements in extraction technologies and substantial shale reserves. Meanwhile, the Middle East and Africa continue to hold strategic importance due to their vast conventional oil reserves. Europe and Latin America, while also important markets, are expected to grow at a more moderate pace as they balance energy needs with sustainability initiatives.

Type Analysis

The crude oil market is segmented by type into light, medium, and heavy crude oil. Light crude oil is highly sought after due to its high yield of valuable products such as gasoline and diesel upon refining. It is generally preferred by refineries because of its lower sulfur content and ease of processing, resulting in lower overall production costs. The demand for light crude oil is expected to remain strong as refineries continue to upgrade and optimize their processes to produce cleaner fuels. Moreover, the development of new refining technologies may further enhance the processing efficiency of light crude, sustaining its demand in the market.

Medium crude oil, characterized by its balanced sulfur content and density, serves as a versatile feedstock for refineries across the globe. Although not as easily processed as light crude, medium crude oil provides a good yield of both light and heavy petroleum products. Its market demand is also driven by the flexibility it offers refineries in terms of product output. In regions wit

This dataset provides values for CRUDE OIL DEMAND reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Access monthly energy price assessments for Germany, featuring Crude Oil. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Free preview available.

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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

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

The global Crude Oil market stood around 4395 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.12% during the forecast period until 2032.

The global crude oil market, valued at $3356.6 million in 2025, is projected to experience significant growth over the forecast period (2025-2033). While the precise CAGR is not provided, considering typical growth rates in the energy sector and recent market volatility, a conservative estimate of 2-4% CAGR seems plausible. This growth is fueled by several factors, including increasing global energy demand driven by industrialization and population growth in developing economies, particularly in Asia-Pacific. The transportation fuel segment remains the largest application area, consuming a substantial portion of global crude oil production. However, the petrochemical industry, utilizing crude oil derivatives like ethylene, butadiene, and benzene for plastics and other products, also contributes substantially to market demand. Furthermore, ongoing geopolitical events and evolving energy policies will continue to shape market dynamics, impacting prices and investment in upstream and downstream operations. Despite strong demand, the market faces several challenges. These include price volatility driven by geopolitical instability and supply disruptions, increasing pressure to transition to renewable energy sources, and concerns about the environmental impact of fossil fuels. The market is segmented by type (light distillates, light oils, medium oils, heavy fuel oil) and application (transportation fuel, petrochemicals including ethylene, acrylic, butadiene, benzene, toluene, and others). Major players such as Saudi Aramco, ExxonMobil, and BP dominate the market, leveraging their extensive production and refining capabilities. Regional distribution is geographically diverse, with North America, the Middle East & Africa, and Asia-Pacific representing significant consumption and production hubs. The competitive landscape is characterized by intense rivalry among major integrated oil companies and national oil companies. Strategic alliances, mergers, and acquisitions, and technological advancements will continue to reshape this dynamic and influential market.

Light Crude Oil Market Outlook

The global light crude oil market size is projected to witness a significant growth from USD 150 billion in 2023 to approximately USD 225 billion by 2032, driven by a compound annual growth rate (CAGR) of 4.5%. This anticipated growth can be attributed to a variety of factors, including increasing demand for energy, advancements in extraction and refining technology, and the relatively lower emissions associated with light crude oil compared to heavier crude types. As global energy consumption continues to rise, particularly in emerging economies, light crude oil is expected to play a crucial role in meeting these energy needs due to its high efficiency and adaptability.

One of the principal growth factors of the light crude oil market is the surge in global energy demand, which is largely driven by industrialization and urbanization in developing countries. As these nations continue to expand their infrastructure and enhance their industrial capabilities, the need for energy sources that can be readily converted into various forms of fuel and other products increases. Light crude, with its lower sulfur content and higher yield of valuable products like gasoline and diesel, becomes an attractive option for meeting this demand efficiently. Furthermore, the flexibility of light crude oil in being processed into a variety of derivatives supports a wide range of industrial applications, further propelling its demand.

Technological advancements in drilling and extraction techniques have also significantly contributed to the growth of the light crude oil market. Innovations such as horizontal drilling and hydraulic fracturing have enabled the extraction of light crude from previously inaccessible or uneconomic reserves. These technologies have not only increased the supply of light crude oil but have also reduced the cost of production, thereby enhancing its competitiveness in the global energy market. The ability to tap into shale oil reserves, particularly in regions such as North America, has provided a substantial boost to the availability of light crude, supporting the market's expansion.

Another pivotal growth factor is the global shift towards cleaner energy sources. While renewable energy is gaining traction, the transition is gradual, and light crude oil serves as a relatively cleaner fossil fuel option due to its lower carbon emissions during combustion. This aligns with global efforts to reduce environmental impact while still satisfying the energy demands of modern economies. Moreover, regulatory frameworks in several countries favor the use of lighter crude variants over heavier ones, providing an additional impetus for market growth.

From a regional perspective, North America holds a significant position in the light crude oil market due to its abundant shale oil reserves and advanced extraction technologies. The region's market is expected to grow steadily, supported by innovations in technology and a favorable regulatory environment. Additionally, Asia Pacific is projected to witness robust growth owing to its rapidly expanding industrial base and increasing energy consumption. The Middle East & Africa region, rich in crude reserves, continues to be a critical supplier, while Europe focuses on refining capabilities and sustainable practices to meet its energy needs.

Type Analysis

The light crude oil market can be segmented by type into sweet light crude and sour light crude, each offering distinct characteristics that cater to various industrial needs. Sweet light crude is characterized by its low sulfur content, making it easier and less costly to refine. This variety is highly sought after in the market as it can be directly processed into valuable fuels like gasoline and diesel without requiring extensive desulfurization. Given the environmental regulations increasingly favoring fuels with lower sulfur content, sweet light crude becomes crucial in meeting compliance standards, thus driving its demand further.

Sour light crude, on the other hand, although containing higher levels of sulfur, remains an essential part of the market due to its availability and the economic benefits it offers. It often requires additional processing steps, which can initially seem like a disadvantage. However, with the advancements in refining technology that allow for more efficient processing and sulfur removal, sour light crude provides a cost-effective alternative. This type is particularly significant in regions where local refining capabilities have been upgraded to handle such crude, thereby expanding its potential market

This dataset provides values for CRUDE OIL CONSUMPTION reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Access monthly energy price assessments for Germany, featuring Crude Oil and other key energy commodities. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Coverage for Mexico and over 30 other countries is included in Intratec Energy Prices & Markets. Free preview available.

According to Cognitive Market Research, the global Crude Oil Desalter market size will be USD 2514.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.00% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1005.84 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 754.38 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 578.36 million in 2025 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2025 to 2033.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 125.73 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2025 to 2033.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 50.29 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2033.
The Electrostatic Dehydrator segment category led the Crude Oil Desalter Market.

Market Dynamics of Crude Oil Desalter Market

Key Drivers for Crude Oil Desalter Market

Increasing global crude oil production and consumption

The global demand for crude oil continues to rise, driven by industrial growth, transportation needs, and energy consumption across multiple sectors. As economies recover and develop, particularly in emerging markets, oil consumption increases, leading to higher crude oil production levels. Additionally, geopolitical factors and technological advancements in extraction processes, such as hydraulic fracturing and deepwater drilling, are boosting production. The surge in demand for refined products, including petrochemicals, fuels, and lubricants, further accelerates the need for efficient desalting processes to improve crude oil quality and ensure smooth refining operations. For instance, In July 2022, Gemcorp signed a contract with state-owned Sonangol to build the 60,000 b/d capacity refinery. Phase 1 is expected to include a 30,000 b/d CDU with a crude oil desalter, kerosene treatment, and ancillary infrastructures including pipelines, a conventional buoy mooring system, and storage facility for over 1.2 million barrels.

Expansion of oil refineries in emerging economies

Emerging economies, especially in Asia, Africa, and the Middle East, are expanding their oil refinery infrastructure to meet the growing demand for refined petroleum products. The rise in population, urbanization, and industrial activities in these regions is contributing to an increase in energy consumption, driving the need for more sophisticated refining capacities. This expansion leads to a growing focus on improving the efficiency of refining processes, including crude oil desalting, to ensure higher quality output while meeting stringent environmental standards. Investment in new refineries and the modernization of existing facilities further boosts the adoption of advanced desalting technologies.

Restraint Factor for the Crude Oil Desalter Market

High cost of advanced veterinary ventilators limiting adoption in smaller clinics

The high cost of advanced veterinary ventilators is a significant barrier to their adoption, particularly in smaller veterinary clinics with limited budgets. These ventilators are often equipped with sophisticated features like automatic settings, real-time monitoring, and precise control over respiratory parameters, making them expensive to purchase and maintain. Smaller clinics may struggle to justify the investment, especially when facing competition from more affordable, manual alternatives. As a result, many clinics opt for less advanced, cost-effective equipment, which can limit their ability to provide the best care for critical animal patients requiring ventilation support.

Market Trends in Crude Oil Desalter Market

Increasing adoption of multi-stage desalting processes for improved efficiency

The oil industry is increasingly adopting multi-stage desalting processes to enhance the efficiency of crude oil treatment. Multi-stage desalting systems, such as two-stage and three-stage processes, allow for better removal of impurities like salts, water, and solid particles from crude oil. This results in improved...

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2024, compared to ************ metric tons consumed the previous year. The only decline during this period was observed around the 2008-2009 financial crisis and around the 2020 coronavirus pandemic. Regional oil consumption The United States and China are the countries with the highest oil consumption. Overall, oil consumption worldwide reached a new high in 2023, when it exceeded *********** metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some *** percent. In the United States, high consumption levels were held up by demand for petrochemicals as well as increased industrial production and demand for transportation by trucks. What is crude oil? Crude oil is a mixture of hydrocarbons from plant animal life that was formed under immense pressure. It generally exists in liquid form and can be found in underground pools or reservoirs, in small spaces within sedimentary rocks, and near the Earth’s surface as a tar (also known as oil sands). In turn, crude oil and other hydrocarbons in natural gases are refined to form petroleum products such as gasoline and jet fuel.

Access monthly energy price assessments for Germany, featuring Crude Oil and other key energy commodities. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Coverage for Norway and over 30 other countries is included in Intratec Energy Prices & Markets. Free preview available.

Access monthly energy price assessments for South Korea, featuring Crude Oil. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Free preview available.

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.