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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 trends, 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:The production of garments requires crude oil. As a result, it is used in synthetic furs like polyester, rayon, and nylon. It is used in the manufacturing of asphalt and paraffin wax. It is used as a heating and lubricating oil in the manufacturing of tar, jet fuel, gasoline, and electricity. Due to its longevity, polyurethane foam, a petroleum-based substance, is frequently utilised in the manufacture of cushions and furniture. In addition, it is widely used in insulation, moulded inside shelving panes, and door liners. It is used in the manufacturing of asphalt and paraffin wax. It is used as a heating and lubricating oil in manufacturing tar, jet fuel, gasoline, and electricity. Due to its longevity, polyurethane foam, a petroleum-based substance, is frequently used to manufacture cushions and furniture. In addition, it is widely used in insulation, moulding shelving panes, and door liners. It is also employed in transportation fuels and as a fuel oil for heating and electric generation. It finds its application in the clothing industry and fibres like spandex, polyester, vegan leather, and nylon and is also used in the production of acrylates and propylene glycol. The perfume and cologne industries rely upon crude oil to create a long-lasting scent. Other than that, it is utilised in manufacturing tar and lubricating oil. Crude oil is also used in the production of solvents and polyurethanes.
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,
News and Events:
- July 13, 2022: A large fall in the refining margins of diesel, gasoline, and ATF as well as a downturn in crude oil prices from their heights in June both significantly affected the super-profits of refiners. On July 01, 2022, the government-imposed windfall taxes on domestic oil output as well as export duties on gasoline, ATF, and diesel (at a rate of INR 6 per litre or USD12 per barrel).
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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 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 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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