Crude Oil Procurement Report – Procurement Insights and Spend Analysis by SpendEdge
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.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180329006325/en/
Global Crude Oil Market Procurement Report. (Graphic: Business Wire)
“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.
Looking for more insights from this procurement report? Request
a FREE sample report
SpendEdge sample reports are free of charge and provide insights that
focus on the cost-saving aspects of procurement and optimization of
category spend.
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
This report is available at USD 1000 discount for a limited time only:
View
the report snapshot before purchasing
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.
Get unlimited access to all our reports. Our Insights platform
provides ready-to-use procurement research reports, latest supplier
news, innovation landscape, markets insights, supplier tracking, and
much more at the click of a button. Start
your 14-day FREE trial now.
We also customize
reports to meet clients’ requirements.
Related Reports:
About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement
excellence. We are a preferred procurement market intelligence partner
for Fortune 500 firms and other leading companies across numerous
industries. Our strength lies in delivering robust, real-time
procurement market intelligence that helps sourcing and procurement
professionals make informed decisions. These innovative procurement
solutions help enterprises transform structural capabilities, improve
execution efficiency, and fast-track time to savings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180329006325/en/
Copyright Business Wire 2018
