Crude oil is a type of naturally occurring fossil fuel created from the remains of extinct marine and plant life. There are various concentrations of carbon, hydrogen, and other trace components in this complex combination of hydrocarbons. The drilling method and extracting crude oil is often used to access subsurface deposits. Crude oil is precious and useful because of a number of its characteristics. Despite being extremely explosive, it is a major source of energy for numerous businesses and transportation networks. Crude oil’s density and viscosity can change, which affects how it flows and how it must be processed.
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Sulfur and other contaminants in crude oil can affect both its processing methods and environmental impact. Due to its unique characteristics, crude oil is a vital resource for making gasoline, producing energy, and creating a wide range of petroleum-based goods.
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 Crude 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:
A crucial resource for many industrial uses is crude oil, a fossil fuel obtained from geological reserves. The manufacturing of transportation fuels including jet fuel, diesel, and petrol is one of the main applications of crude oil. These fuels assist the world’s transportation systems by powering cars, trucks, ships, and airplanes. It is also a vital feedstock for the petrochemical sector. Many other compounds, including plastics, fertilizers, synthetic fibers, and medications, are made from it as a basic material. Additionally, it is used to produce lubricants, greases, and waxes, which offer crucial lubrication and defense for machinery and equipment. The manufacture of asphalt, which is utilized in the paving and construction of roads, uses crude oil. It is also used as a fuel for heating in residential, commercial, and industrial settings. Because of its adaptability, energy density, and widespread availability, crude oil is a key resource in many industrial sectors, influencing modern economies and infrastructure.
Key Players:
- Sinopec
- Royal Dutch Shell
- Saudi Arabian Oil Co.
- China national petroleum corporation
- Kuwait petroleum corporation
- Total SA
- LUKOIL
News & Recent Development
- 15 May 2023: Govt cuts windfall tax on crude oil to zero: The government reduced the windfall tax on petroleum crude on May 1 from 6,400 rupees per tonne to 4,100 rupees ($50.14) per tonne. On April 19, the tax on crude was raised to 6,400 rupees per tonne. India reduced the windfall tax on crude oil from 3,500 rupees per tonne to zero on April 4. India implemented the windfall tax on crude oil producers in July and increased the duty on the exports of petrol, diesel and aviation fuel in response to private refiners who preferred to profit from high refining margins in foreign markets to domestic sales.
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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.
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