Crude Oil Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis
The crude oil will grow at a CAGR of 2.49% during 2020-2024. Prices will increase by 2%-4% during the forecast period and suppliers will have a moderate bargaining power in this market. Exxon Mobil Corp., BP Plc, TOTAL SA, Royal Dutch Shell Plc, Chevron Corp., China National Petroleum Corp., Saudi Arabian Oil Co., Valero Energy Corp., Sempra Energy, and Petróleo Brasileiro SA are among the prominent suppliers in crude oil market.
Who are the Top Suppliers in the Crude Oil Market?
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Leading global suppliers can assist buyers in realizing high-cost savings through their efforts on areas such as backward integration, reducing total ownership cost, managing commodity price volatility, managing labor price volatility, ad-hoc spend management, adoption of automation, cost of quality impact, supplier synergies, and conference participation. Collaborations with global suppliers will also help buyers in cost-saving and ensuring high-quality procurement in the dynamic market.
This report offers key advisory and intelligence to help buyers identify and shortlist the most suitable suppliers for their equipment finance requirements. Some of the leading equipment finance suppliers profiled extensively in this report include:

Exxon Mobil Corp.
BP Plc
TOTAL SA
Royal Dutch Shell Plc
Chevron Corp.
China National Petroleum Corp.
Saudi Arabian Oil Co.
Valero Energy Corp.
Sempra Energy
Petróleo Brasileiro SA

Supplier Selection and Evaluation
Profile and service capabilities of the service provider, industry specialization of the service providers, reputation of service providers, and assessment of value-added services are some of the most critical parameters that buyers use to shortlist the suppliers in equipment finance.
This report evaluates suppliers based on specification of crude oil provided, lifespan of oil fields, number of environmental incidents and their severity, and production capacities of suppliers. In addition, suppliers are also shortlisted based on business needs, technical specifications, operational requirements, security compliance, regulatory mandates, legal requirements, quality control, change management procedures, pricing models, penalty clauses, SLA nuances, acceptance criteria, and evaluation criteria.
What are the Major Pricing Trends in Crude Oil Procurement?
The pressure from substitutes and a moderate level of threat from new entrants has resulted in the moderate bargaining power of suppliers. This makes it extremely important to get the pricing and pricing model right. Buyers should align their preferred pricing models for crude oil with the wider industry and identify the cost-saving potential.

Spot pricing and volume-based pricing are the most widely adopted pricing models in the crude oil. Each pricing model offers optimum benefits and fitment in specific situations. Buyers should identify the model that suits their operations in the best manner and link supplier performance to the pricing models.