Crude Oil Prices, Trend & Forecasts | Provided by Procurement Resource
Posted on 29 November, 2022 by Christeen Johnson
| Product Name | Crude Oil |
| HS Code | 15155010 |
| Synonyms | Black gold |
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Region/Countries for which Data is available |
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| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | Our services can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after service delivery |
Request for Real Time Crude Oil Prices: https://www.procurementresource.com/resource-center/crude-oil-price-trends/pricerequest
Crude oil is petroleum in liquid form that is a naturally occurring substance in the Earth's core in numerous rock formations. It is a kind of fossil fuel that is made of organic materials and hydrocarbon deposits. It is made with the leftover corpses of plants and animals that decompose into a mix of hydrocarbons. Overtime pressure and heat turn these remaining layers into crude oil.
It is the raw material used to make products like diesel, gasoline, and other petrochemicals. It is available in a limited quantity as it is a nonrenewable resource.
After undergoing the process of distillation, crude oil can break down the product into several byproducts, including jet fuel, gasoline, diesel, and heating oils. It can also be used to derive commodities like petroleum coke, sulfur, and petrochemicals. Other commodities derived from the product include perfumes, soap, fertilizer, etc., furthering crude oil prices.
The worldwide leading Crude Oil producing countries are United States, Russia, Saudi Arabia, Canada, Iraq, China, UAE, Brazil, Kuwait, Iran.
Key Details About the Crude Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Crude Oil price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Crude Oil price chart, pricing database, and analysis can prove valuable for the procurement managers, directors, and decision-makers to build up their strongly backed up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Crude Oil Price Trend:
Industrial uses impacting Crude Oil price trend primarily including Petroleum that is the most significant end-use of crude oil extensively used in vehicles, the production of electricity, and heat infrastructures. It is also employed in manufacturing solvents, plastics, and polyurethane, among many other goods.
Key Market Players:
- Sinopec
- Royal Dutch Shell
- Saudi Arabian Oil Co.
- China National Petroleum Corporation
- BP p.l.c.
- Exxon Mobil Corporation
- Kuwait Petroleum Corporation
- Total SA
- LUKOIL
News and Events:
- September 7, 2022- Oil prices dipped by USD 1, the lowest since the Russia and Ukraine crisis. The future prices lowered from USD 1.35, or 1.5 percent, to USD 91.48 a barrel by 0420 GMT after lowering 3 percent in the prior session.
- September 6, 2022- Hardeep Singh Puri, the Petroleum and natural gas minister in India, stated that the majority of crude oil supply for the country would be imported from the Gulf countries, like Saudi Arabia and Iraq, as they offer security and affordability.
About Us:
Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team track the prices and production costs of a wide variety of goods and commodities, hence, providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.
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