Crude Oil Market to be Valued at $1,642.88 Billion by 2030

SEATTLE (Oil Monster): By 2030, the worldwide crude oil market is expected to reach $1,642.88 billion, growing at a compound annual growth rate (CAGR) of 1.8%. In 2023, the market was estimated to be worth $1,450.01 billion. This is in line with a new report that Maximize Market Research Pvt. Ltd. produced.

According to the research, as of 2019, crude oil accounted for 5.44% of global trade, making it the most traded commodity in the world. China, the United States, and India are the commodity's top importers, while Saudi Arabia and Iraq are among its top exporters. The transportation industry, which encompasses air and sea transportation, is the main source of demand.

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The demand for refined petroleum products has expanded as a result of the global growth of transportation infrastructure. Higher production rates are a result of recent developments in oil extraction methods. The Asia-Pacific area is primarily responsible for the increase in oil consumption, particularly nations like China and India. Nearly 48% of the market was accounted for by the area.

The anticipated increase in the world's population presents enormous potential for the global crude oil market to continue growing.