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Crude Oil Procurement Intelligence Report

The Crude Oil Procurement Intelligence Report forecasts a CAGR of 3.42% for crude oil from 2023 to 2030, with APAC leading the market due to rising energy demand and advancements in exploration technology. Major companies are pursuing mergers, partnerships, and innovative product development to enhance their market position. Key suppliers include Saudi Aramco, ExxonMobil, and BP, with notable investments in sustainability and technology integration in the industry.

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65 views2 pages

Crude Oil Procurement Intelligence Report

The Crude Oil Procurement Intelligence Report forecasts a CAGR of 3.42% for crude oil from 2023 to 2030, with APAC leading the market due to rising energy demand and advancements in exploration technology. Major companies are pursuing mergers, partnerships, and innovative product development to enhance their market position. Key suppliers include Saudi Aramco, ExxonMobil, and BP, with notable investments in sustainability and technology integration in the industry.

Uploaded by

theojiros2020
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Crude Oil Procurement Intelligence Report,

2023 - 2030

Rahul Nikade

Research Analyst, Market Intelligence, Procurement Intelligence


February 7, 2024

The crude oil category is expected to grow at a CAGR of 3.42% from 2023 to 2030. APAC
accounts for the largest share of the category. The rising energy demand across the
world, as well as the adoption of unconventional exploration and production
technology, are driving category growth. Major corporations are employing a variety of
strategies, such as mergers and acquisitions, strategic partnerships and contracts, and
the development, testing, and release of new products.

Order your copy of the Crude Oil category procurement intelligence report 2023-
2030, published by Grand View Research, to get more details regarding day one,
quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-
cost/best-cost sourcing analysis

For instance, In July 2023, Aramco completed a USD 3.4 billion transaction to purchase a
10% stake in Rongsheng Petrochemical Co. Ltd. through its Dutch subsidiary Aramco
Overseas Company BV. Under this deal, the company will be able to deliver 480,000
barrels per day of crude oil to Zhejiang Petroleum and Chemical Co. Ltd (ZPC) in a long-
term sale agreement.

To communicate between various machinery & equipment engaged during crude oil
production, artificial intelligence (Al) is applied. It is also used to power the many
machines and automobiles required for crude oil production. Companies are also taking
advantage of the IoT by running hardware and other operating devices through the
internet and connected gadgets.
In July 2023, BP invested USD 10 million in WasteFuel, which plans to build a worldwide
system of facilities that transform municipal and agricultural waste into bio-methanol, a
form of biofuel that might play an important part in decarbonizing industries such as
shipping.

In June 2023, ExxonMobil entered a 5 MTA carbon capture agreement with Nucor
Corporation. ExxonMobil will capture, transport, and deposit over 800,000 metric tons of
CO2 per year from Nucor's Convent manufacturing plant in Louisiana.

List of Key Suppliers

 Saudi Arabian Oil Co.


 China Petroleum & Chemical Corp.
 PetroChina Co. Ltd.
 Exxon Mobil Corp.
 Shell PLC
 TotalEnergies SE
 Chevron Corp.
 BP PLC
 Marathon Petroleum Corp.
 Valero Energy Corp

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