LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Crude Oil Market Procurement Report.‘ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of crude oil and acts as an all-inclusive guide for making smart purchasing decisions.
“The increase in sales of gasoline-powered automotive vehicles has fuelled the demand for primary crude oil products such as gasoline in countries such as the US, China, and India,” says SpendEdge procurement analyst Anil Seth. “The discovery of shale oil reserves in the US and Canada has made the two countries the leading export hubs of crude oil,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing towards the growth of the Global Crude Oil Market:
- Rise in prices of crude oil in 2017
- Increase in production of crude oil in non-OPEC countries in MEA
- Decline in operating costs of suppliers due to higher efficiency
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Rise in prices of crude oil in 2017
Although the crude oil prices showed a radical decline in the year 2008, the industry gradually witnessed a promising growth, registering a 10% increase from January 2017 to December 2017. The rise in crude oil prices can also be attributed to factors such as a gradual increase in the gasoline prices and the growing need to meet the demand-supply balance. In addition, the rise in the crude oil prices is also expected to bring financial stability to the market, thereby providing the necessary boost to suppliers.
Increase in production of crude oil in non-OPEC countries in MEA
The non-OPEC nations that were exempted from the production cuts proposed by OPEC, increased their production capacities in 2017. The decline in the prices of the crude oil not only affected the economies of these countries but by increasing their volumes in production, these economies were able to compete better and intensify their competition among the suppliers in the market. In addition, the buyers were able to better negotiate with the suppliers in terms of the prices.
Decline in operating costs of suppliers due to higher efficiency
Amid the after effects of crude oil prices on the cash flows and profit margins of the suppliers, the suppliers were able to improve their production capabilities by improving the volume of light crude oil. In addition, with the adoption of advanced technologies such as automation and digitization into the existing architecture, the companies were able to reduce their operating costs and enhance their profit margins. Moreover, the buyers were also able to procure crude oil at comparatively lower prices.
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