Crude oil is a blend of relatively hazardous liquid hydrocarbons that are constituted primarily of hydrogen and carbon residues and other natural components created from remnants of animals and plants that existed millions of years ago. Crude oil also includes some nitrogen, sulfur, and oxygen. These components make a huge collection of complicated molecular structures, a few of which cannot be easily identified. Despite the differences, practically all crude oil varies from 82 to 87 percent carbon by weight and 12 to 15 percent hydrogen by weight. Crude oil is irreplaceable organically; hence, it is a non-renewable resource.
The biggest producer of crude oil is the United States while the other leading countries are Saudi Arabia, Russia and Canada, China, and Iraq.
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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 trend, including India Crude Oil price, USA Castor Oil price, pricing database, and analysis can prove valuable for 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:
Crude oil products or petroleum products are used to drive vehicles, to heat buildings, and to generate electricity. Petroleum is used as a feedstock in the petrochemical industry to produce commodities including plastics, polyurethane, solvents, and several other medium and end-use products. It is possibly the most widely used oil globally. Crude oil is utilised in making clothing to render it non-flammable and colourful. It is included as a raw material in the manufacturing of rayon, nylon, polyester, and artificial furs. Additionally, crude oil is used in the making the molded interior panels, door liners, and the foam insulation in the refrigerator. Furthermore, it is also vital in the manufacturing of car hoses, wiring, and several other fluids, such as antifreeze, brake fluid, transmission fluid, motor oil, and lubricating grease.
- Royal Dutch Shell
- Saudi Arabian Oil Co.
- China National Petroleum Corporation
- BP p.l.c.
- Exxon Mobil Corporation
- Kuwait Petroleum Corporation
- Total SA
News & Recent Development:
- March 4, 2023 – According to the traders, a shipment of Russian crude oil was purchased by Shell (SHEL.L) from Swiss trader Trafigura in S&P Global Platts interface cargo from Baltic ports at a record-breaking discounted price of USD 28.50 per barrel.
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 most 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 tracks 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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