Crude Oil Prices, News, Supply and Demand | ChemAnalyst

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Crude Oil Prices Overview
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Market Overview Quarterly update on Global Crude
oil market   For the quarter ending December
2020   Asia   Crude oil market in Asian countries
experienced a fair growth in the final quarter of
2020 as the effect of pandemic slowed down.
Nation wise lockdown in major countries created a
devastating situation for crude oil sector. In
October most of the Asian countries like India
and China considerably revived from the effects
of Covid19 and opened their economies again.
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Crude Oil Prices Overview
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Moving to November the petroleum sector rebounded
effectively by a promising number of around 10
and thus at the end of the fourth quarter demand
came close to the normal conditions. The demand
is likely to witness a further boom in first
quarter of 2021 as the aviation sector is on the
road to utilize its full capacity. Aviation
sector rebounded at around 13 per month (in
India) in the final quarter of 2020, after
suffering from an immense drop in the first half
of the year. Thus, on the last day of 2020, OPEC
daily basket prices of Brent Crude climbed to USD
51.80 barrel while US West Texas Crude reached
USD 48.52 a barrel. North America   Backed by
the presence of various players, North America
maintains a huge crude oil production capacity.
In the final quarter of 2020, production rates
remained similar to pre Covid-19 levels however
the demand was still facing setbacks due to
slowed rebound in some of the downstream
industries. Contrary to the expectations, in
October crude oil prices dropped further 4 in
USA. Fall in prices affected most of the oil
producing companies and thousands of people lost
their jobs. Although Storm Zeta in the Gulf of
Mexico temporarily eased the fall in its prices
due to the forced measured declared on several
production facilities of that region. Number of
rigs in USA increased by the end of the quarter
but USA as well as Canada was heard looking
forward to slow down the crude oil production in
upcoming years just to reduce their carbon
emission.   Middle East   Last quarter of 2020
was not good for some middle east countries, they
faced huge financial crises due to consistent
fall in crude oil prices. In addition, OPEC
imposed an oil production quota on its member
countries to limit the production of crude oil.
The quota made the situation worst for countries
like Iraq as their economies are majorly
dependent on Crude oil production.
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Crude Oil Prices Overview
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However, Kurdistan, an independent oil producing
country based in Middle East was heard taking
advantage of OPECs mandate and thus catered
enhanced revenue over its commodity peers bound
under OPEC. Market sentiments turned optimistic
in the end of fourth quarter of 2020, when OPEC
gave hopes to ease the strict mandate from
January. How we can help ChemAnalyst addresses
the key problematic areas and risks associated
with chemical and petrochemical business globally
and enables the decision-maker to make smart
choices. It identifies and analyses factors such
as geopolitical risks, environmental risks, raw
material availability, supply chain
functionality, disruption in technology and so
on. It targets market volatility and ensures
clients navigate through challenges and pitfalls
in an efficient and agile manner. Timeliness and
accuracy of data has been the core competency of
Chemanalyst, benefitting domestic as well as
global industry in tuning in to the real-time
data points to execute multi-billion-dollar
projects globally. Methodology ChemAnalyst
gathers information through primary research
surveys conducted with various Crude Oil
manufacturers, spread across the domestic and
international market, suppliers and
dealers/distributors to gain insights
into value-chains and demand-supply scenario to
assess the market situation. Thorough study of
companys annual reports and secondary sources
such as exhaustive search on credible paid
databases, including our internal database is
done to verify the information
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Crude Oil Prices Overview
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  All the collected information is analyzed,
evaluated and presented in chronological order to
depict a meaningful and clear picture of the
concerned market. Our dedicated team of industry
experts comprehensively monitors and analyzes
various aspects of the Global Crude Oil market.
  The team analyzes various industrial segments,
strategic viewpoints and provides an analysis of
the industrys performance in the long run. This
would enable our clients in efficiently plan
their future investments, mitigate risk,
understand the cost dynamics and strike out a
balance amidst market volatility. Critical
examination of the impact of COVID-19 pandemic on
the global supply chains and shift in demand
patterns with change in buying behavior of
consumers across the globe.   Several ongoing
development projects across industries are
tracked, followed by the details of major
projects in the development stage, which can
positively or negatively influence Global Crude
Oil market.   Pricing is captured
through exhaustive primary interviews with
domestic and international manufacturers, traders
and importers and customers on daily, weekly,
monthly, and yearly basis.   Finally, region-speci
fic markets for Petroleum are analyzed
and region-wise demand pattern is tracked.
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Crude Oil Prices Overview
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About Crude Oil, also known as Petroleum, is a
naturally found fossil fuel composed of
hydrocarbons which is found beneath the earth
surface in a special geological place. Crude oil
is refined to obtain crucial usable products like
Petrol/gasoline, diesel, LPG, kerosine, aviation
fuel etc. Since it is a non-renewable source of
energy, there exists only limited number of its
stocks. Crude oil provides wide range of
important products and has been in high demand
from many decades, that is why it is becoming
difficult retain it for several more centuries.
Crude oil refining is done in the given steps,
desalting, distillation, down streaming process,
and purification. As of the now, major crude oil
producing countries are USA, Saudi Arabia,
Russia, Canada etc. The immense dependency on
crude oil is compelling countries to switch to
other renewable sources of energy resources.
Although this may not end our dependency on crude
oil but can reduce it. Major economies like USA,
China and India have already started taking
initiative to reduce carbon emission thus they
are looking forward to new renewable fuel
alternatives to limit crude utilization.