Report Code: A14872 | Pages: NA | Mar 2023 | 1513 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Petroleum Products Market
Request Now !Petroleum products are materials derived from crude oil as it processed in oil refineries, unlike petrochemicals which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. The majority of petroleum is converted to petroleum products, which includes several classes of fuels. According to the composition of crude oil and depending on the demands of the market refineries can produce different shares of petroleum products. The largest share of oil products is used as energy carriers that is various grades of fuel oil and gasoline.Â
COVID-19 Impact analysis
The COVID-19 pandemic has negatively affected the market due to a reduction in consumption of refined petroleum products and declining economic development across the major nations of the world. The COVID-19 pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The slow roll-out of vaccinations and high infections in countries like Brazil and India are hitting demand prospects in the world's high-growth markets for oil and its products.Â
 
Top Impacting Factors
The refined petroleum products market consists of sales of refined petroleum products by entities that convert crude petroleum to refined petroleum products such as gasoline, naphtha, diesel fuel and liquefied petroleum gas and then sell these refined petroleum products. Petroleum refineries are large industrial complexes with extensive pipeline networks which carries crude oil and refined petroleum products between processing units. The month of March and April due to the second wave of Covid-19 and the resultant lockdowns in many states. As the infection continued to rise in early May, restrictions were further impacting several South Asian countries. If the infection crisis continues, Asian oil demand could lose more ground going forward.
Market Trends
Key Benefits of the Report
Petroleum products Market: by product type Report Highlights
Aspects | Details |
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By End-use |
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By Product type |
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By Region |
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Key Market Players | Exxon Mobil Corporation,, Royal Dutch Shell Plc., Sinopec Corp.,, BP PLC,, Saudi Arabian Oil Co., Petroleos de Venezuela SA,, China National Petroleum Corporation,, Chevron Corporation,, Rosneft PAO,, Total SA |
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