Global oil refining market is set to witness a consumption of over 100 million barrels per day (MBPD) by 2024

This press release was orginally distributed by SBWire

Sellbyville, DE -- (SBWIRE) -- 01/22/2019 -- The significant increase in exploration of oil and gas resources elevated the Oil Refining Market to a valuation of more than USD 6 trillion in 2017, with vast investments being done to match the refinery and oil extraction capacities. A stability in the prices of crude oil is being observed globally, renewing a sense of positivity in the marketplace post the 2013-14 slump, which had nearly devastated the oil refining companies. Continuous growth of the oil and gas sector owing to reinvigorated oil prices has attracted several industry giants to commission new oil processing plants, substantially boosting the oil refining industry. It is estimated that the total crude oil production throughout the world was 81.38 million barrels per day as of March 2018 and is an indication of the amount of input available for refineries, fueling the oil refining market expansion.

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Increasing investment toward the refurbishment, upgradation and expansion of existing refinery facilities will propel the oil refining market growth. In April 2018, Saudi Aramco announced an investment of USD 44 billion to construct integrated refinery and petrochemical complex in India. Rising concern to reduce the dependency on import of petroleum product will further escalate the industry share.

Speaking of efforts taken for improving the quality of fuel, a public consultation initiated by the U.K. government is underway for introducing a new fuel to cut down on CO2 emissions. The current generation of petrol in U.K., termed as E5, has five percent bioethanol and the government plans to launch new E10 petrol consisting of double the concentration of biofuel, the Department of Transport had revealed. While the E10 will not be able to fuel around one million petrol vehicles in U.K., the government has also proposed establishing a E5 protection grade that would ensure the availability of standard petrol at reasonable price. The initiative is a step towards developing a low-carbon emission fuel in the U.K. and the oil refining industry is likely to undergo notable advancements in processing techniques in order to deliver high quality fuel to the public.

The oil refining industry is indeed replete with many such investments that are anticipated to enhance the business outlook over the forthcoming years. Just few months back, Saudi Aramco, one of the phenomenal oil industry giants made its way to the frontpage with its announcement of investing around USD 44 billion in constructing integrated refinery complex in India. Citing yet another instance, Kuwait government has recently announced an investment of USD 17 billion in Mina Abdullah and Mina Al-Ahmadi refineries for upgradation purposes.

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Aviation application is predicted to witness robust growth on account of introduction of new regional connectivity schemes coupled with lowering cost of travel and upsurge in middle income passengers. For instance, in 2018 the aviation industry witnessed an increase in overall passenger revenues by USD 49 Billion when compared to the revenues in 2017.

International Maritime Organization (IMO), in this regard has set the latest benchmark by declaring its target of curtailing carbon emission by almost 50% by 2050. Also, in yet another instance, MARPOL, as per its revised regulations, has set the international shipping fuel criteria to less than 1% sulfur content. Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand.

As the upgraded fuel gets accepted in more and more cities, countries and the overall transportation industry, the oil refining market will evolve in accordance with the advancing quality of petroleum products being demanded. Reliance, Exxon Mobil, Chevron, Shell, India Oil, BP and PBF Energy are some major companies in the oil refining industry that provide extensive refinery services and produce a wide range of petroleum products. With remarkable discoveries being made in terms of natural oil deposits and joint efforts by companies to explore these resources, the oil refining market is anticipated to reach 100 million barrels per day consumption by 2024.

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