Crude oil is unrefined
petroleum occurring naturally and is obtained onshore and off shore. It is
composed of hydrocarbon deposits and other organic materials. Crude oil is
refined to produce petrol, gasoline, diesel and various other forms of
petrochemicals. The crude oil extraction industry includes companies carrying
out exploration, development and production of petroleum.
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The global crude oil market
was valued at $2 trillion in 2017. This was mainly due to declining crude
oil prices driven by oversupply, geo-political factors, and increased shale oil
production.
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The USA was the largest country accounting for one-fifth of the
global crude oil market due to digital oilfield technology is recently being
used by Oil and gas extraction companies, to enhance oil and gas production.
Oilfields digitization facilitates efficient utilization of human resources and
thus optimizes the profitability of oil production by ten percentage points
followed by China and India.
The top five competitors in
the market are Saudi Aramco, Rosneft, Kuwait Petroleum Corporation and Iraq
Ministry of Oil out of which Saudi Aramco share most of the market. Saudi
Aramco is the state-owned oil company of the Kingdom of Saudi Arabia and a
fully integrated, global petroleum and chemicals enterprise.
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