Crude Oil Procurement Intelligence expected to grow at a CAGR of 3.42% from 2023 to 2030
Crude Oil Procurement Intelligence The crude oil category is expected to grow at a CAGR of 3.42% from 2023 to 2030. APAC accounts for the largest share of the category. The rising energy demand across the world, as well as the adoption of unconventional exploration and production technology, are driving category growth. Major corporations are employing a variety of strategies, such as mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and release of new products. For instance, In July 2023, Aramco completed a USD 3.4 billion transaction to purchase a 10% stake in Rongsheng Petrochemical Co. Ltd. through its Dutch subsidiary Aramco Overseas Company BV. Under this deal, the company will be able to deliver 480,000 barrels per day of crude oil to Zhejiang Petroleum and Chemical Co. Ltd (ZPC) in a long-term sale agreement. To communicate between various machinery & equipment engaged during crude oil production, artificial...