The Impact of Crude Oil Price Trends on Global Economy: An Analysis
Crude Oil is a flammable liquid, a mixture of volatile hydrocarbons, sulfur, oxygen, and nitrogen. It comprises metal atoms such as nickel and Iron, organic and inorganic constituents such as Sodium and chlorine, and hydrocarbons. The value of Crude Oil is primarily decided by its density and sulfur content. Some specific hydrocarbons, such as Naphthenes, Paraffins, and aromatics, are the most common constituent elements.
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It is extracted from the underground levels, transported through pipelines, and stored in refineries. It is a mixture of all such different compounds present in different proportions, so its physical and chemical properties also vary widely. Its appearance varies from being colorless to completely black. It is also entitled “sweet” and “sour,” which depends on its sulfur level. If the sulfur content seems to measure around 0.5%, it is considered a “Sweet Crude,” and equal to or more than 1% is considered as a “Sour Crude.”
The key importing countries to import Crude Oil are India, the Netherlands, and Germany. On the other hand, the key exporting countries are namely. Germany, the Netherlands, and France in the same order.
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 chart, 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:
Crude Oil is refined into various petroleum products marketed separately on a large scale. These products include gasoline, heating oil, diesel fuel, jet fuel, lubricating oils, and asphalt. These products are obtained while filtering the Crude Oil on different levels, based on the boiling points, through the process of distillation on a large scale for commercial production.
Moreover, Crude Oil is also used as a feedstock for the petrochemical industry to produce plastics, chemicals, synthetic materials, etc. Apart from the petroleum and the refineries, petroleum compositions extracted from Crude Oil are also used in making several personal care and beauty products such as dyes, shaving cream, deodorant, combs, hand lotions, shampoos, toothpaste, soaps, contact lenses, eyeglasses, etc. Cosmetics such as mascaras, eyeliners, eyeshadows, foundations, and lipsticks contain Crude Oil as a basic ingredient in their list.
Key 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
- LUKOIL
News & Recent Development
- Date: June 26, 2023-Crude Oil prices stabilized Monday as the Russian mercenary agreed to a quick truce, calming the situation.
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