CATEGORY

Crude Oil

The report covers in detail the market supply demand dynamics, supplier landscape, pricing analysis across the industries for Global Crude Oil

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Category Alerts


CATEGORY ALERTS

Oil prices recover from losses and increase due to supply concerns.

July 04, 2022
alert level: Medium
CATEGORY ALERTS

Oil declines as recession worries increase demand worries

July 05, 2022
alert level: Medium
CATEGORY ALERTS

Oil recovers after a sharp selloff as supply worries resurface

July 06, 2022
alert level: Medium

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Crude Oil Market Monitoring Dashboard


Price Trend
105.00
Dec-2022
USD/Barrel
History Forecast
Supply Demand

Understand the correlation between costs, margins, and prices impacting your category on a real time basis on Beroe LiVE.Ai™

Crude Oil Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in Crude Oil category is 8.10%

Payment Terms

(in days)

The industry average payment terms in Crude Oil category for the current quarter is 60.0 days

Compare your category performance against peers and industry benchmarks across 20+ parameters on Beroe LiVE.Ai™

Category Strategy and Flexibility

Engagement Model

Supply Assurance

Sourcing Process

Supplier Type

Pricing Model

Contract Length

SLAs/KPIs

Lead Time

Supplier Diversity

Targeted Savings

Risk Mitigation

Financial Risk

Sanctions

AMEs

Geopolitical Risk

Cost Optimization

Price per Unit Competitiveness

Specification Leanness

Minimum Order Quality

Payment Terms

Inventory Control

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    Crude Oil Suppliers


    10,955
    Total Suppliers
    227
    Diverse Suppliers
    93
    Normalized Supplier Rating
    Crude Oil Supplier

    Find the right-fit crude oil supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    Air Products and Chemicals Inc.
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

    dnb logo

    Up to 3 months

    1 9
    2
    Low Risk High Risk

    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
    56

    100
    Robust (1)
    ESG Perfomance (/100)
    Environment
    53
    Social
    55
    Governance
    65
    6 Domains Performance (/100)
    Business behaviour
    62
    Human rights
    58
    Community Environment
    46
    Corporate governance
    66
    Human resources
    51
    Security Scorecard
    89

    Threat indicators
    A
    91
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    B
    87
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    C
    75
    Application Security
    Detecting common website application vulnerbilities
    B
    88
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    100
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    airproducts.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    5
    Human Rights Issues
    0
    Production Supply Chain Issues
    1
    Environmental Non Compliance Flags
    6
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    0
    Fraud Issues
    0
    Labor Health Safety Flags
    0
    Regulatory Issues
    0
    Workforce Disputes
    0
    Sanctions
    0
    esg energy transition
    48
    Discrimination Workforce Rights Issues
    0
    esg controversies critical severity
    No

    Crude Oil market frequently asked questions


    The fuel oil supply and demand in the global market stand at 92.7 Mbpd and 98.18 Mbpd (Million Barrels per day) respectively. According to Beroe's crude oil market report, the demand for fuel oil is expected to continue growing at a CAGR of 1.8 percent through 2022.

    According to the crude oil market news by Beroe, it is anticipated that the crude oil prices will see a downward trend owing to the rise in supply and long-term hedging contracts.

    Saudi Aramco, Sinopec, CNPC, PetroChina, Exxon Mobil, Shell, KPC, and BP are the top service providers for the global crude oil market.

    The US, Canada, Australia, and Europe are the high market maturity regions, while Brazil, South Africa, India, and China are the medium market maturity regions for crude oil.

    The following products can be prepared from crude oil ' gasoline, gas oil, solvents, polymer, petroleum fuels, petcoke, lubricants, waxes, kerosene, asphalt, naptha, petrochemical, fuel oil.

    In 2018, the highest per capita consumption of crude oil was from NAM and the Middle East with over 2.5 tons per capita followed by Australia, Japan, and the Netherland within the range of 1.5 tons to 2.5 tons per capita consumption.

    From the 2018 crude oil market analysis by Beroe, the total reserves of crude oil over the world were at 1729 thousand million barrels, marking an increase of 0.1 percent from the total reserves in 2016. About 85.7 percent of the contribution to the global reserves came from non-OECD countries while 14.3 percent of the total proven reserves were contributed by the OECD countries.

    The supply and demand for crude oil in the global market has been stable and has sustained above 100 million barrels. The implied surplus line is sloping sideways and the high relative levels of the surplus will weigh negatively on the prices of crude oil.

    The major demand centers of crude oil in Asian market are India, China, and Korea. These regions are also the major driver of crude oil prices.

    The US imports crude oil from Canada and Mexico, while the European oil imports come from Russia, other FSU countries, the Middle East, and North Africa.

    Crude Oil market report transcript


    Crude Oil Global Market Outlook 

    Crude oil market size

    • Global crude oil supply stands at 94.7 Mbpd
    • Global crude oil demand stands at 99.8 Mbpd
    • Demand is expected to increase at a CAGR of 1.2 percent until 2023

     

    Crude Oil Proved Reserves Globally 

    • The total proven crude oil reserves globally in 2018 was at 1729 thousand million barrels, which is an increase of 0.1 percent compared to 2016 reserves.
    • The OECD countries contributed about 14.3 percent of the total proven reserves globally, whereas non-OECD countries contributed about 85.7 percent

    Distribution of Proved Crude Oil Reserves from 1995 to 2018 

    • The global proved oil reserves increased from 1.697 billion barrels in 2016 to 1.696 billion barrels in 2017
    • Reserves have increased by 22.9 percent, or 318 billion barrels, over the past decade and are sufficient to meet 50.7 years of the global production
    • Colombia recorded a decline, with proved reserves falling by 2.3 thousand million barrels, while Iraq proved reserves grew by 153 thousand million barrels
    • OPEC countries continue to hold the largest share (85.7 percent) of global proved reserves.
    • On a regional basis, South and Central American reserves have the highest R/P ratio of 119 years.

    Per Capita Consumption of Oil in 2018

    • The highest per capita consumption in 2018 for crude oil was from NAM and the Middle East with over 2.5 tons/capita
    • Australia, Japan, and the Netherlands stood in the next level of per capita consumption, from 1.5 tons to 2.5 tons
    • Chile and Colombia stood at a higher rate of consumption per capital levels, at 1 ton to 1.5 tons in LATAM

    Global Crude Oil Supply and Demand Analysis

    Oil Market Analytics

    •  Supply–Demand: Global demand and supply growth have sustained above 100 million barrels with supply/demand reflecting stability. The implied surplus line issloping sideways further implying stability in the global market. However, the relative levels of surplus remain high and will weigh negatively on the crude oil prices.
    •  OPEC Supply: OPEC countries have extended the production cut deal to Mar-2020 and the decline in overall supplies is evident from OPEC. However, further compliance will require major challenges as Saudi Arabia would prefer higher oil prices to support Aramco IPO which can influence other oil producers to increase production as well on higher price levels.

    US Oil Production sustain all-time high levels:

    •  US Production: The US crude oil production has stabilized around 12 mbpd with marginal decrease as rig counts continue to decline steadily. However, overall levels on a historical basis continue to remain significantly high.
    • US Inventories: The inventory levels declined to 450 million barrels post increasing to 480 million barrels reflecting short-term recovery in crude oil demand. The decline in inventory levels is expected to persist as prices hold relatively higher levels.
    • US Exports: The US crude oil exports have sustained 3.0 mbpd levels, but have witnessed decline in levels intermittently and hence reflects decline in external demand which can reflect negatively on oil prices in upcoming months.

    Supply Market Outlook

    North America

    • The US imports crude oil for their refineries from Canada and Mexico Europe
    • European oil imports originate from Russia, other FSU countries, the Middle East,and North Africa. APAC
    • India, China, Korea are the major demand centers of Crude Oil in Asia, which are the major driver of Crude Oil prices.

    LATAM

    • Brazil, Chile, and Argentina have the highest demand in LATAM countries, they generally import from neighboring countries.

    Africa

    •  Nigeria, Angola, Algeria, Egypt, and Libya are the major Crude oil producing countries in Africa.

    Crude Oil Price History 

    • Crude oil was within $4/bbl until 1970 before witnessing a major increase during the period of 1970-1980 in terms of percentage change
    • Post consolidating within a range of $12-35/bbl from 1980-2000, crude oil prices established a new range of $20-140/bbl
    • The current decrease in price is expected to result in an unfolding a long-term consolidation in the range of 20-140 with price mostly fluctuating in the median of mentioned range in the upcoming years