Recently, the market research institute Joint Market Research Company released a latest research report showing that by 2033, the global crude oil market is expected to reach US$3 trillion, and the compound annual growth rate from 2024 to 2033 will reach 1.5%. The value of the global crude oil market in 2023 will be US$2.6 trillion.

    The report pointed out that the growth of the global crude oil market is mainly driven by growing global oil demand and the industry's continued shift to the most advanced technologies aimed at reducing greenhouse gas emissions. However, market growth has been hampered by fickle government regulation.

    According to the type of crude oil, medium crude oil will have the highest market share in 2023. Driven by global economic growth and industrial activity, China is expected to maintain its leadership position during the forecast period. According to the type of extraction process, it is expected that conventional crude oil will still maintain its leading position in the market by 2033. It must be noted that this market segment also accounted for the highest market share last year. In addition, in terms of end-use, the transportation sector will remain the market leader during the forecast period. Source: Sinochem New Network