The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

According to projections for 2025, the fiscal breakeven oil price for Saudi Arabia was **** U.S. dollars per barrel. The projections for Saudi Arabia's external breakeven oil price for the same period were at ** U.S. dollars per barrel. Saudi oil industry   Saudi Arabia’s oil industry entails ** percent of the world’s proven petroleum reserves. Their oil reserves were expected to exceed ** billion metric tons by 2020. Its oil sector accounted for about half of the country’s GDP in 2018, and about ** percent of their export income, as their oil reserves are the second largest in the world and they are the world’s leading petroleum exporter. Saudi Arabia has an advantage over other oil-producing countries as the extraction process is cheaper and easier relative to other regions. The petroleum is handled and mostly controlled by Saudi Aramco which is a public company and the most profitable country in the world as of 2019. The highest value petrochemicals project in the country in 2020 was the Amiral Complex: Ethylene & Propylene Plant. Saudi economy Saudi Arabia is the world’s leader in petroleum exportation. They also had the fifth-largest natural gas reserve in 2019. However, their significant reliance on these natural resources compelled the government to launch its Saudi Vision 2030, which aims on expanding their resources. As a result, in the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014 of more than ** billion U.S. dollars due to the increase of both the oil and non-oil revenues. Public debt witnessed a significant increase in 2020 following the COVID-19 pandemic but was expected to slowly decrease in the following years. Non-oil revenues accounted for about ** percent of the country’s revenue in 2019 . The largest non-oil contributor to the country’s GDP was government services.

Key information about Saudi Arabia Crude Oil: Production

• Saudi Arabia Crude Oil: Production was reported at 8,937.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 8,950.000 Barrel/Day th for Dec 2024
• Saudi Arabia Crude Oil: Production data is updated monthly, averaging 9,424.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 11,642.000 Barrel/Day th in Apr 2020 and a record low of 7,121.000 Barrel/Day th in Feb 2002
• Saudi Arabia 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: OPEC Members: Monthly

Crude Oil fell to 64.78 USD/Bbl on July 1, 2025, down 0.50% from the previous day. Over the past month, Crude Oil's price has risen 3.62%, but it is still 21.77% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

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The oil and gas drilling automation market share is expected to increase by USD 206.7 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 1.64%.

This oil and gas drilling automation 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 oil and gas drilling automation market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). The oil and gas drilling automation market report also offer information on several market vendors, including ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., and Siemens AG among others.

What will the Oil And Gas Drilling Automation Market Size be During the Forecast Period?

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'Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.'

Oil And Gas Drilling Automation Market: Key Drivers, Trends, and Challenges

The O&G price recovery is notably driving the oil and gas drilling automation market growth, although factors such as high ownership costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas drilling automation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oil And Gas Drilling Automation Market Driver

O&G price recovery is a major driver fueling the oil and gas drilling automation market growth. Since 2019, the moderate recovery in crude oil prices has spurred growth in oil and gas (O&G) extraction projects in countries such as the US, Saudi Arabia, Oman, and Kuwait. Rapid fluctuations in crude oil prices adversely impacted the economic activities in oil-dependent regions such as the Middle East during 2016-2019. Owing to factors such as the limited production of crude oil in key oil-producing countries, such as the US and Russia, and geopolitical factors, such as the US-China trade war, oil prices witnessed considerable stability in 2019. Additionally, the restoration of oil production facilities in Saudi Arabia to full capacity is expected to cater to the global demand for O&G at stable prices during the forecast period.Owing to rapid advances in automation and system integration technologies, automated drilling solutions are finding increased adoption in onshore and offshore oil and gas sites. Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.

Key Oil And Gas Drilling Automation Market Trend

The adoption of IoT technology is the major trend influencing the oil and gas drilling automation market growth. The adoption of the internet of things (IoT) devices for in-depth monitoring and data capturing in the O&G industry is improving the overall efficiency of O&G operations. With crude oil prices registering considerable recovery over the last two years, rig operators and oil producers are emphasizing optimizing the energy efficiency of oilfields. IoT devices are being increasingly used in the O&G industry for a range of applications, including drilling management, pipeline testing, and monitoring, among others. IoT enables oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Additionally, IoT ensures accurate and real-time data collection at locations that are not easily accessible. Smart devices provide notifications in advance to operators about any drilling errors or incorrect measurements, thereby minimizing the requirement for routine manual inspections. Advances in connected technologies such as low-power wide-area networks (LPWAN) enable connectivity between monitoring sensors in remote offshore applications. Therefore, the rising adoption of IoT in drilling activities is expected to drive the growth of the global O&G drilling automation market during the forecast period.

Key Oil And Gas Drilling Automation Market Challenge

High ownership costs are a major hindrance to the oil and gas drill

In Saudi Arabia, the real oil gross domestic product growth (GDP) decreased in the first quarter of 2019 to reach one percent, and negative three percent in the second quarter. The decline was due to the lowered production following the OPEC+ agreement and the reduction in world oil prices. Also, the trade war decreased the global oil demand and increased the volatility of its price.

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

Oil Storage Service Market Outlook

The global oil storage service market size was valued at approximately $XX billion in 2023 and is projected to reach $XX billion by 2032, registering a Compound Annual Growth Rate (CAGR) of X% during the forecast period. The primary growth factors driving this market include increasing global oil production, fluctuating oil prices necessitating storage solutions, and strategic governmental reserves to ensure energy security.

One of the most significant growth factors for the oil storage service market is the continual increase in global oil production. As countries strive to meet their energy demands and optimize their energy outputs, the necessity for efficient and large-scale oil storage solutions has grown. This demand is further magnified by geopolitical factors and economic policies that promote energy independence and security. Furthermore, advancements in storage technology, such as the development of more durable and scalable storage facilities, have also contributed to the market's growth.

Another driving force for the market is the fluctuating price of crude oil. Volatile oil prices often result in periods where supply outstrips demand, necessitating the storage of excess oil. During such times, oil storage services become crucial for oil companies to manage their inventories and maintain operational efficiencies. Oil companies leverage storage facilities to hedge against price volatility, ensuring that they can sell their oil at more favorable prices. This strategic storage capability becomes particularly pertinent during geopolitical tensions or economic downturns when oil prices can exhibit significant unpredictability.

The establishment of strategic petroleum reserves (SPRs) by various governments is also a crucial growth driver. SPRs are maintained to ensure a country's energy security by storing large quantities of crude oil that can be used in times of emergency or severe supply disruptions. Governments across the globe have increasingly recognized the importance of these reserves, leading to substantial investments in oil storage infrastructure. The growing emphasis on energy security and preparedness for potential crises has significantly bolstered the oil storage service market.

In addition to these factors, the role of Oil Tank Removal Service is becoming increasingly important in the oil storage service market. As storage facilities age, the need for safe and efficient removal of old or decommissioned oil tanks is critical to maintaining environmental safety and operational efficiency. Oil Tank Removal Service providers offer specialized expertise in dismantling and disposing of tanks, ensuring compliance with environmental regulations and minimizing the risk of contamination. This service is particularly vital in regions where older infrastructure is prevalent, and modernization efforts are underway to enhance storage capabilities.

When analyzing the regional outlook, it becomes apparent that the demand for oil storage services varies significantly across different geographies. In regions like North America and the Middle East, where oil production is high, the demand for large-scale storage facilities is particularly robust. Conversely, in regions such as Asia Pacific and Europe, where energy consumption is rapidly increasing due to industrialization and urbanization, the need for reliable oil storage solutions is becoming more pronounced. Each region exhibits unique market dynamics influenced by local production capacities, consumption patterns, and governmental policies.

Crude Oil Storage Analysis

Crude oil storage is a critical segment within the oil storage service market, driven by the necessity to manage the supply chain efficiently. Crude oil, being a primary raw material, needs secure and scalable storage solutions to buffer against market volatility and ensure a steady supply for refineries. The demand for crude oil storage is expected to grow substantially, driven by increasing oil production from regions like the United States, Saudi Arabia, and Russia. With advancements in exploration technologies leading to higher production rates, the need for temporary storage solutions has become more acute.

The infrastructure for crude oil storage includes a variety of storage types, ranging from large-scale tank farms to sophisticated underground storage caverns. Above-ground storage tanks are prevalent due to their ease of construc

Russia accounted for 26 percent of the total oil output cut within the OPEC+ deal in May and June 2020. The deal was agreed on in April 2020 after a sharp fall in oil demand due to the COVID-19 pandemic and an oil price war between Russia and Saudi Arabia that resulted in a collapse of the previous deal. Compared to the first three months of that year, Russia's share in the output reduction increased by eight percent.

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.

The Middle East Enhanced Oil Recovery (EOR) market is experiencing robust growth, driven by the region's significant oil reserves and the increasing need to maintain production levels amidst depleting conventional resources. With a Compound Annual Growth Rate (CAGR) exceeding 6% from 2019 to 2033, the market is projected to reach substantial value. Key drivers include the rising global demand for oil, government initiatives promoting energy security, and technological advancements in EOR techniques like thermal recovery, gas injection, and chemical injection. The UAE, Oman, and Qatar are leading the market, benefiting from substantial investments in infrastructure and partnerships between national oil companies (NOCs) and international players like BP, Schlumberger, and Saudi Aramco. While the market faces restraints such as high initial investment costs associated with EOR projects and fluctuating oil prices, technological innovation and supportive government policies are expected to mitigate these challenges. The segmentation by technique highlights the increasing adoption of advanced chemical injection methods, driven by their improved efficiency and environmental considerations compared to traditional thermal methods. The diverse landscape of companies involved underscores the collaborative efforts towards maximizing oil recovery and ensuring long-term energy production. The "Rest of Middle East" segment is also predicted to show considerable growth due to ongoing exploration and development activities across the region. The forecast period of 2025-2033 shows significant promise for the Middle East EOR market. Continuous exploration and discovery of new reserves, along with technological improvements that enhance recovery rates and reduce costs, will fuel market expansion. The focus on sustainable oil production will also incentivize the adoption of environment-friendly EOR techniques. Competition among established players and new entrants is expected to intensify, leading to further innovation and service diversification. Analyzing regional data reveals varied growth trajectories based on individual national policies, resource availability, and investment strategies. While precise figures for individual countries are not available, projections based on CAGR and regional dynamics point towards a significant increase in market size across all segments. The market’s future success relies on maintaining technological advancements, supportive governmental regulatory frameworks, and the ongoing collaboration between industry stakeholders. Recent developments include: In November 2021, Qatar Petroleum planned the CO2 dehydration project with Axens, an IFP group company, for the upcoming EOR projects and the CO2 sequestration process. The Medgulf Construction company was selected as the EPC contractor., In 2019, ADNOC planned to make the United Arab Emirates to be in the top four countries in the world in the CCUS EOR projects by 2025. The company has planned to secure the gas output from Shah-Ultra Sour Gas Plant (for carbon-dioxide) and the Habshan and Bab gas fields.. Notable trends are: Gas Injection Expected to Witness Significant Growth.

The size of the Saudi Arabia Refined Petroleum Products Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00% during the forecast period. The refined products market remains an important part of Saudi Arabia's strong oil industry, one of the largest in the world. Being one of the largest producers and exporters of crude oil, Saudi Arabia has long held a strong refining capacity mainly in the hands of its state-owned oil giant, Saudi Aramco. The market involves fuels such as gasoline, diesel, jet fuel, as well as petrochemicals, which are both sold domestically and internationally. Traditionally, the domestic market has enjoyed subsidies that place fuel prices at very high consumption levels. However, current economic reforms aimed at reducing subsidies coupled with the diversification of the economy under Vision 2030 change consumption patterns. This calls for more efficient use of energy and alternative fuels to get consumptions kick-started. Additionally, the government in Saudi Arabia is investing money to expand refining capacity, and to upgrade its existing refining facilities to produce higher-value products, as well as to meet tighter environmental standards. The thrust for petrochemical production is also aligned with the global trend as the country seeks to make optimum use of its hydrocarbon resources for economic diversification. With global refinement of petroleum products especially in perspective with the pursuit of sustainability and lower carbon emissions, the facing dynamics in the refined petroleum products market in Saudi Arabia would change significantly. What would arise is an equal balance between the traditional strengths and the need for innovation and diversification. Recent developments include: June 2022: Saudi Aramco announced plans to review domestic prices of liquid petroleum gas (gas cylinders) and kerosene annually. The local prices are evaluated per the governance procedures for adjusting the prices of energy and water products., February 2022: Saudi Arabia's shipments of refined products increased by 32% in 2021, compared with the previous year, as the country exported more diesel and fuel oil. Diesel and fuel oil were the main products that drove exports higher, with 1.34 million daily barrels being shipped., October 2021: Saudi Arabia consumed more gasoline and less diesel in the first eight months of 2021 than last year. The average demand for motor and aviation gasoline in Saudi Arabia jumped to 470 thousand barrels per day (kbd) in August 2021, compared to 432 kbd for the previous year.. Key drivers for this market are: 4., Increasing Automotive Sales in Saudi Arabia4.; Rising Demand from Heavy Automotives. Potential restraints include: 4., Rising Emphasis on Electric Vehicles. Notable trends are: Increasing Refined Petroleum Products Consumption to Drive the Market.

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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

The United States produced the most oil in the world in 2023, at around 19.4 million barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2021, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some 37 percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

The global heavy petroleum market is a significant sector characterized by substantial size and considerable growth potential. While precise figures for market size and CAGR are not provided, a reasonable estimation, considering the involvement of major players like Schlumberger, Halliburton, and ExxonMobil, points towards a market valued in the hundreds of billions of dollars, experiencing a compound annual growth rate (CAGR) in the low to mid-single digits (e.g., 3-5%) over the forecast period (2025-2033). This growth is driven by several key factors, including increasing global energy demand, particularly in developing economies, and the continued reliance on petroleum for transportation, industrial processes, and electricity generation. Emerging trends such as the development of advanced extraction technologies to access previously unreachable heavy oil reserves and the increasing adoption of enhanced oil recovery (EOR) techniques are further contributing to market expansion. However, the market faces constraints including fluctuating oil prices, environmental concerns regarding carbon emissions, and increasing pressure for the transition to renewable energy sources. The segmentation of the market is likely diverse, encompassing different types of heavy petroleum (e.g., bitumen, extra-heavy crude), extraction methods, and geographical regions. The competitive landscape is dominated by a mix of integrated oil and gas companies, national oil companies, and specialized service providers, each vying for market share through technological innovation, strategic partnerships, and efficient operational practices. The regional distribution of the heavy petroleum market is likely concentrated in regions with significant reserves, such as North America (Canada, the United States), the Middle East (Saudi Arabia, Iran), and parts of Latin America and Asia. The study period (2019-2033) reflects a period of both market stability and significant shifts, encompassing pre- and post-pandemic periods and evolving geopolitical landscapes. Future growth projections depend heavily on sustained global energy demand, advancements in extraction and processing technologies, the implementation of effective environmental regulations, and the broader energy transition's pace. Analyzing specific regional data and segment performance would provide a more granular understanding of the market's trajectory and highlight specific opportunities and challenges within each segment.

Gasoline Prices in Saudi Arabia remained unchanged at 0.62 USD/Liter in June. This dataset provides the latest reported value for - Saudi Arabia Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The size of the Saudi Arabia Drilling Rigs Market was valued at USD 4.5 Million in 2023 and is projected to reach USD 6.25 Million by 2032, with an expected CAGR of 4.80% during the forecast period. The Saudi Arabian drilling rigs market is a vital component of the country's oil and gas industry, which remains one of the largest in the world. Saudi Arabia is a leading global oil producer, and its drilling rig market plays a crucial role in maintaining and expanding its production capacity. The market encompasses various types of drilling rigs, including onshore and offshore rigs, and serves the exploration, development, and production phases of oil and gas fields. The market is driven by the country’s significant oil reserves, its commitment to maintaining high production levels, and the need for technological advancements in drilling methods. Saudi Arabia’s position as a leading oil exporter means that global oil demand directly impacts the country's drilling activities. Efforts to maintain production levels in line with global demand require a continuous supply of drilling rigs. The introduction of high-tech rigs and automation is boosting the efficiency and speed of drilling operations, reducing costs, and increasing production rates. The adoption of digital technologies and big data analytics is further driving the demand for advanced rigs. Recent developments include: October 2023: KCA Deutag was expected to solidify its global presence after being awarded land drilling contracts with a value of USD 200 million in the Middle East and Latin America. In the Middle East, the company secured two separate five-year extensions for rigs in Saudi Arabia. One rig in Oman obtained a two-year extension, and another was awarded a one-year extension, with options to expand this to three years. These successes follow an announcement made last month for land drilling contract awards worth close to USD 380 million in this region., July 2023: Arabian Drilling Co. (ADC) announced the signing of long-term contracts for ten onshore drilling rigs with Saudi Aramco, which is valued at over USD 800 million. The contract duration is five years from the commencement date of drilling operations. ADC will supply ten new onshore drilling rigs with maximum crews to conduct drilling and exploration operations within Aramco's unconventional program.. Key drivers for this market are: 4., Growing Prominence of Gas in Power Generation4.; Increasing Investments in the Sector. Potential restraints include: 4., Volatility of Crude Oil and Natural Gas Prices. Notable trends are: Onshore Segment to Dominate the Market.

The Saudi Arabia Oil and Gas Midstream market, valued at $81.34 million in 2025, is projected to experience steady growth, driven by substantial investments in infrastructure development and the nation's ambitious Vision 2030 plan. This plan emphasizes diversification of the economy and increased energy efficiency, necessitating significant upgrades and expansions within the midstream sector. Key drivers include the expansion of existing oil and gas pipelines, the construction of new LNG terminals to support growing global demand, and the development of strategic storage facilities to enhance energy security and reliability. The transportation segment, encompassing existing infrastructure, ongoing projects, and future plans, constitutes a significant portion of the market, fueled by the need to efficiently move hydrocarbons across the country and to international markets. Growth in storage and LNG terminal segments is also anticipated due to increased production capacity and the growing global demand for liquefied natural gas. While challenges such as geopolitical instability and fluctuating global energy prices exist, the long-term outlook for the Saudi Arabian Oil and Gas Midstream market remains positive, given the kingdom's commitment to long-term energy infrastructure development and its strategic geopolitical position. The market segmentation reveals significant opportunities across different areas. Transportation, with its emphasis on pipeline networks and logistics, is expected to witness consistent growth. Storage solutions, including both above-ground and underground storage, will play a crucial role in optimizing supply chain efficiency and mitigating supply disruptions. The LNG terminal segment is poised for substantial expansion, driven by increasing demand for cleaner energy sources and Saudi Arabia's strategic positioning in global LNG trade. Major players like TotalEnergies SE, Medra Arabia, Saudi Aramco, Chevron Corporation, Shell PLC, and Arabian Petroleum Supply Company (APSCO) are actively shaping the market landscape through their investments and operational expansions, indicating a high level of competition and a focus on strategic partnerships to meet the growing energy demands. The forecast period from 2025 to 2033 offers substantial potential for market expansion, with the CAGR of 2.84% suggesting a steady, albeit moderate, rate of growth. Recent developments include: Dec 2023: Saudi Arabia introduced its inaugural natural gas storage project in Al-Hawiyah, Unaizah. The storage project boasts a substantial storage capacity of 2 billion cubic feet (bcf); this project stands as a flagship initiative under the National Industrial Development and Logistics Program, a pivotal component of Saudi Vision 2030., Jan 2022: Streamline Innovations Inc. (Streamline) and Zamil Group Trade & Services (Zamil), a trading company and supplier to the energy sector, announced a partnership to market and deploy Streamline's environmentally forward treatment solutions for hydrogen sulfide (H2S) in Saudi Arabia. Under the deal, Zamil will serve as Streamline's agent in the country.. Key drivers for this market are: 4.5.1.1 Increasing Usage of Pipelines for Fuel Transportation 4., Increasing Production and Consumption of Natural Gas and Refined Petroleum Products. Potential restraints include: 4.5.1.1 Increasing Usage of Pipelines for Fuel Transportation 4., Increasing Production and Consumption of Natural Gas and Refined Petroleum Products. Notable trends are: Pipeline Sector to Witness Growth.

The Saudi Arabia fuel station market, exhibiting a CAGR of 2.38% between 2019 and 2024, is poised for continued growth through 2033. This expansion is fueled by several factors. The burgeoning automotive sector, coupled with increasing tourism and a rising population, drives a consistent demand for fuel. Government initiatives focused on infrastructure development, including the expansion of road networks, further contribute to the market's growth. Furthermore, the diversification of the Saudi Arabian economy and its focus on megaprojects are creating additional demand for fuel across various sectors. However, the market faces certain restraints, including fluctuating global oil prices and increasing government regulations on emissions standards. The competitive landscape is dominated by major players such as TotalEnergies SE, Aldrees Petroleum, and Saudi Aramco, among others. These companies are actively investing in upgrading their existing infrastructure and expanding their network to meet the increasing demand, potentially driving consolidation and increased competition in the coming years. The market is segmented by various factors including geographical location, type of fuel offered, and the services provided at the station. Growth is anticipated to be particularly strong in regions experiencing rapid urbanization and industrial development. The analysis of consumption and production data within the Saudi Arabia fuel station market reveals a strong correlation between economic growth and fuel consumption. Import and export analyses indicate a degree of reliance on international markets for specific fuel types or additives. The consistent price trend analysis provides valuable insights into the market’s sensitivity to global oil prices, while the market share analysis highlights the dominance of a few key players and the potential for future consolidation. The forecast period (2025-2033) suggests a moderate but steady growth trajectory, contingent upon consistent economic development, stable oil prices, and the continuous implementation of infrastructure projects. Analyzing the individual segments and their relative contributions to overall market growth allows for a deeper understanding of future growth areas and investment opportunities within the market. Recent developments include: November 2022: the Al-Sharif group signed a long-term contract with Benzene Petrol Stations Company Limited to operate electric vehicle charging stations in its gas stations across Saudi Arabia. The partnership came as an extension of Al-Sharif Holding’s commitment to contributing to the transfer of the latest clean energy technologies to the Kingdom., March 2022: Oman Oil Marketing Company (OOMCO) opened its fifth fuel service station in the Kingdom of Saudi Arabia. It is a part of the OOMCO strategy to accelerate its expansion in Saudi Arabia and its global footprint. As of March 2022, the company had five fuel stations in Saudi Arabia, and it secured 11 other fuel station locations in the country, which are at different stages of development.. Key drivers for this market are: 4., Increasing Automotive Sales In Saudi Arabia4.; Increasing Investments In Fuel Station Infrastructure. Potential restraints include: 4., Increasing Automotive Sales In Saudi Arabia4.; Increasing Investments In Fuel Station Infrastructure. Notable trends are: Increasing Automotive Sales In Saudi Arabia.

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Pump Jack Market Size 2024-2028

The pump jack market size is forecast to increase by USD 918 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the benefits offered by offshore pump jacks in oil extraction. The automation of these units has led to improved performance and reduced human intervention, making offshore well operations more efficient. However, the high maintenance costs associated with pump jacks remain a challenge for market growth. The shift towards renewable energy generation and the rise of electric vehicles may also impact the demand for pump jacks in the future. Additionally, the shutdown of industries and manufacturing companies due to economic downturns can negatively affect market growth. Innovations in pump jack units, such as advanced materials and remote monitoring technologies, are helping to mitigate these challenges and drive market growth.

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

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The devices facilitate the production of crude oil from surface oil wells by applying pressure to maintain the flow of oil from reservoirs. Surface oil extraction plays a significant role in global oil production, with conventional pump jacks being the primary workhorses in the industry. The demand for these devices stems from the vast onshore and offshore oil reserves, which require efficient and cost-effective methods for oil production. Despite their importance, pump jacks face high maintenance costs due to their continuous operation in challenging environments. The offshore wells, in particular, require specialized installation and maintenance, adding to the overall expenses. However, the integration of automation technologies is helping to mitigate these costs and improve the performance of pump jacks. Automation in pump jack operations enhances the reliability and efficiency of the devices by monitoring and controlling their performance in real-time.

Moreover, this enables early detection and resolution of potential issues, reducing downtime and maintenance costs. Additionally, automation can optimize the utilization of pump jacks by adjusting their operation based on reservoir pressure and oil production rates. The integration of automation technologies in pump jack operations is a response to the increasing focus on optimizing oil production and reducing costs. While renewable energy generation is gaining traction, the demand for oil and oil products remains strong, making the market an essential component of the global energy landscape. The market caters to various oil fields and oil reservoirs, with vertical wells being a significant application area. The market's growth is driven by the increasing demand for oil and the need to extract it efficiently and cost-effectively. As the industry continues to evolve, the market will play a crucial role in meeting the world's energy needs while minimizing environmental impact.

In conclusion, the market represents a critical segment of the oil and gas industry, providing essential solutions for surface oil extraction. With the integration of automation technologies, pump jacks are becoming more efficient, reliable, and cost-effective, making them an indispensable part of the global energy landscape.

Market Segmentation

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.

Application

  Onshore
  Offshore


Geography

  North America

    Canada
    US


  APAC



  Europe



  Middle East and Africa



  South America

    Brazil

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period. In the extraction of oil and gas, offshore wells entail higher expenses due to the utilization of advanced automation technologies and resources compared to onshore drilling. Consequently, energy and petroleum (E&P) firms are increasingly focusing on onshore projects to optimize performance and reduce costs. The resurgence of crude oil prices has further fueled investments in this sector. However, the high maintenance costs associated with offshore drilling remain a challenge. As the world transitions towards renewable energy generation and the adoption of electric vehicles, the shutdown of industries and manufacturing companies could impact the demand for oil and gas. To stay competitive, E&P companies must continually evaluate their strategies and adapt to market trends.

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The onshore segment was valued at USD 2.88 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 38% to the growth of th