Regional Benchmarking of Crude Oil Industry 2011-2020: BRIC Countries and US According to Lucintel’s report “Regional Benchmarking of Crude Oil Industry 2011-2020: BRIC Countries and US” Brazil, Russia, India, and China (BRIC) play crucial roles in global economic development,
BigNews.Biz - Jan 13,2012 - Brazil, Russia, India, and China (BRIC) play crucial roles in global economic development, climate change, and primary energy usage. Strong economic growth and low per capita energy consumption boosts these nations’ use of primary energy. The BRIC countries are gradually increasing their share in global oil consumption, which rose from 15% to 21% during 2000 to 2010. Although evolving hybrid and electric vehicles pose some challenge to the crude oil industry, oil consumption of BRIC and the US is expected to reach US $1,955.5 Billion by 2020.
Lucintel, a leading global management consulting and market research firm, analyzes the crude oil industry and presents its findings in its report, “Regional Benchmarking of Crude Oil Industry 2011–2020: BRIC Countries and US,”.
Lucintel’s research indicates that, by 2020, US oil consumption is expected to reach a value of US $850 Billion in 2020. Despite of innovative strategies to check oil consumption and boost bio fuels in transportation, the US is expected to remain the world’s largest oil consumer.
Brazil’s oil consumption is estimated to grow at a CAGR of approximately 2% from 2010–2020 because of expected development in infrastructure and transportation systems. Russian oil consumption is anticipated to increase with a CAGR of more than 1% because of rising demand for gasoline and diesel in the automobile sector. India’s and China’s oil consumption is estimated to grow with CAGR of approximately 11% and 9% respectively during 2010–2020. Growing middle class demand for private automobiles is expected to escalate oil consumption. Lucintel’s study indicates Brazil is emerging as a promising destination for investment in crude oil exploration and related segments in the BRIC countries.
Lucintel’s research report provides trend scenarios and forecast statistics for 2000–2020; details the industry’s drivers and challenges: production; consumption; and demand and supply scenarios of the crude oil industry. The report also examines BRIC’s resource potential and the competitive advantages of BRIC and the US through Porter’s Five Forces and diamond analysis.
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