About Light Crude Oil
Light Crude Oil consists of light hydrocarbon fractions and flows freely at room temperature. It also has low density and low wax. As compared to heavy crude oil, light oil receives higher price as it converts into larger amount of gasoline and diesel fuel. National board of Canada has defined the crude oil having density less than 875.7kg/m3. Whereas The New York Mercantile Exchange (NYMEX) has defined it as having API between 840 kg/m3 to 816 kg/m3. Due to the rise in petroleum based machineries the market is growing
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.0% |
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Light Crude Oil market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hess (United States), ConocoPhillips (United States), Noble Energy (United States), Devon Energy (United States), BP (United Kingdom), Royal Dutch Shell (Netherlands), Sinopec (China), Marathon Oil (United States), Husky Energy (Canada) and Suncor Energy (Canada) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Reliance Industries (India), Rosneft (Russia), Gazprom (Russia) and Royal Dutch Shell (Netherlands).
Segmentation Overview
AMA Research has segmented the market of Global Light Crude Oil market by Type (The Very Light Oils, Light Oils and Others), Application (Automobile, Mining, Agriculture and Others) and Region.
On the basis of geography, the market of Light Crude Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Technological Advancements are Being Made
Market Growth Drivers:
Features Such as Larger Conversion into Gasoline and Diesel Fuel and Increasing Production of Oil Based Machineries
Challenges:
High Competition Due to Availability of Major Players
Restraints:
Limited Raw Material Available and High Costs Associated with the Product
Opportunities:
High Demand of the Product in Developing Countries and Creation of Innovative Formulation has built a Long term Relationships with Refineries
Market Leaders and their expansionary development strategies
In August 2023, HF Sinclair Corporation announced that they have entered into a definitive merger agreement for HF Sinclair to acquire all of the outstanding common units (“Common Units”) of HEP not owned by HF Sinclair or its affiliates in exchange for a combination of common stock, par value
.01 per share, of HF Sinclair (“Common Stock”) and cash.
In January 2024, Global energy and commodity price reporting agency Argus is today launching two new prices for WTI light sweet crude oil cargoes loading for export at the US Gulf coast, in step with the growing sophistication and liquidity of the US crude export market.
In 2019, EPA determines that revisions to the federal regulations for the management of wastes associated with the exploration, development and production of crude oil, natural gas and geothermal energy under Subtitle D of RCRA (title 40 of the Code of Federal Regulations in Part 257) are not necessary at this time.
Key Target Audience
Manufacturers, Distributors and suppliers, Government bodies and Research institutes
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.