By: Admin
Nov 14 2025
There are 111 countries in the world that have oil reserves, but only a few play a key role in the global oil market. Those countries are also known as OPEC. However, there are some other countries that contribute to global oil production with OPEC. Around 70 million barrels of oil are produced daily only by these top oil-producing countries below.
• North America: USA, Canada, and Mexico
• West Asia or Middle East: Saudi Arabia, UAE, Iran, Iraq, Kuwait, Qatar
• Central and North Asia: Russia, China, and Kazakhstan
• South America: Brazil and Venezuela
• Europe: Norway
• Africa: Nigeria
The crude oil’s global economy is expected to reach USD 3.2 trillion in 2025. It may grow at a 4.5 % CAGR in the future. It is one of the biggest industries that runs the world economy. The entire economic system relies on it for transportation and energy production mainly. Although there is a rise in sustainable energy alternatives, this industry seems to be unshakable so far. The imports and exports in the B2B sector are directly linked to crude oil prices. Any fluctuation in them will surely cause fluctuations in the entire B2B sector.
All the industries, especially the manufacturing ones, fully rely on crude oil. Industrial and logistics machines need diesel, gasoline, and fuel oil. That means the entire production system in every industry looks at the crude oil supply. Any fluctuation in the crude oil’s prices can easily affect the manufacturing, shipping, and every cost involved in it. Likewise, the energy supply for these industries depends on fuel oil and kerosene.
There are multiple factors that contribute to crude oil’s prices. Suppliers, distributors, consumers, service providers, and policy makers are the main players in it. Besides, the most significant factors that determine the prices are listed below.
The global supply and demand are the primary price determinants in it. The imbalance and fluctuations in the supply and demand create ripple effects. Sometimes, a slight movement in the events makes a lot of impact on the global crude oil prices.
Then come the OPEC policies that directly affect the prices. The top oil-producing countries make policies that affect the global oil markets. Also, any event, especially a political one, makes a lot of impact on it.
Global currency exchange rates also affect the prices on regional and even global levels. Inflation levels in each country are another major factor that further affects prices in that country. Any country that is already facing economic challenges has to bear an additional hike in crude oil prices. The currency devaluation, inflation, and even political crisis directly affect crude oil’s prices.
Then there are hedgers and speculators who affect the prices. Usually, speculators create more impact since they exploit the industry. Buying and selling oil or related commodities based on future speculations creates high volatility in crude oil’s prices.
Currency exchange rates, inflation, and political crises affect the B2B trades worldwide. The countries that are already facing challenges have to face the further burden of crude oil’s impact on prices. Then the end consumers also have to bear the cost.
Yes, it is the backbone of world logistics since every transportation machine needs crude oil’s byproducts like gasoline, diesel, kerosene, etc. Light and heavy fuels are demanded by every industry for freight operations. Whether by air, sea, or land, all transportation machines rely on crude oil’s supply. Any disruption in its supply or prices will affect the global economy for sure. The entire B2B and ecommerce industry relies on production, shipping, and transportation operations. Crude oil prices are directly proportional to the B2B and ecommerce sectors.
Even the energy sector relies on it since turbines and power plants need diesel, kerosene, and fuel oil mostly. Besides, LPG is a byproduct of crude oil, which further plays a key role in the energy sector. Industrial, commercial, and domestic sectors need a consistent supply of LPG in many countries. So, from electricity production to the fire in stoves and heaters, all need crude oil’s byproducts.
Not just transportation and energy sectors, but many other industries also rely on crude oil. There is a huge list of byproducts, and each one contributes to a specific industry.
• Naphtha is used for the polymers and then for plastic, rubber, paint, and ink industries. That means every plastic and rubber product in the world has some connection with crude naphtha. Thermoplastics and thermosets are the kinds of plastics that rely on crude oil. The petrochemical industry needs it for plastics, rubbers, and fertilizers, which are other huge industries in the world.
• Then come asphalt, bitumen, and lubricant, which are needed by the construction and automobile industries mostly. Every road in the world needs asphalt and bitumen, which shows how massive this byproduct’s demand is.
• Even paraffin wax is one of the most demanded byproducts, which leads to the production of grease, candles, and wax. The same paraffin wax provides petroleum jelly, lip balm, and similar cosmetic products. It shows how a single byproduct of crude oil affects two top industries, which are the automobile and cosmetics industries.
Manufacturing, shipping, and heavy machinery operations in every industry are incomplete unless there are byproducts of crude oil. Just imagine how huge this market is.
They affect global markets massively. Just a slight fluctuation in the price could shake the entire GDPs of many poor countries. Besides, the production cycle of industries in any country, especially the weaker ones, can face huge impacts. General prices start to fluctuate massively as soon as global prices of crude oil fluctuate. It is a ripple effect that makes a lot of difference in general prices. Inflation rates could rise in poor countries, especially those that are already facing sanctions and political or economic crises.
The global trades, especially in the B2B market, create a huge impact. Production cost, shipping charges, prices, and every other cost involved in the process face a huge impact.
There are some direct suppliers and some are distributors. You can find lots of options on B2B platforms and on search engines. Usually, there are intermediaries that connect crude oil’s suppliers and buyers at a low cost. You can find such platforms or websites easily.
Then, collect information about the suppliers or distributors. You will have to further analyze them to narrow down the selection process. Then you can finalize the names, which could be a few, like two, three, or even one.
Besides, you will have to look at the certifications, samples, background check, and trade experience of the supplier. There is in-depth information about the crude oil and its quality or grade,
Then you can fix the prices with the supplier after you verify all the information. These prices will include the shipping costs, port clearance, and everything in it.
In recent years, clean energy like wind, solar, and hydro has shown positive results. They are not only low-cost energy sources, but also clean alternatives to crude oil. Especially, if we look at the energy and automotive sectors, these two have witnessed a significant impact of clean energy.
EVs and FCEVs are becoming more popular in advanced economies than ever before. They are silent, lighter, and cleaner than gasoline and diesel counterparts. Electric sedans, trucks, and even buses are already on the roads for regular transportation, which shows the transition from oil to electric is going well.
From industrial to domestic sectors, all are focusing on solar-powered electricity production. Since Chinese manufacturers have supplied low-cost solar panels worldwide, the solar-power electricity generation for all sectors has further become cheaper. It has surely caused a noticeable impact on the demand for crude oil for energy production.
Since most oil-producing countries exist in the Middle East, any disruption like a political crisis, war, or genocide can surely have an impact on global crude oil prices. That means the B2B market will also be impacted by it since its entire production and supply chain relies on crude oil.
Geopolitical events like the Ukraine-Russia war, the Gaza genocide, and the Iran-Israel war caused an impact on crude oil prices globally. Besides, Israel’s invasion of Lebanon, Yemen, Iraq, Iran, and Syria further escalated the situation in the years 2023, 2024, and 2025. These events surely affected the global oil market.
Besides, US-Venezuela tensions are affecting the global crude oil and B2B markets since Venezuela is one of the largest oil producers. These events in a very short time have massively affected the economies of many countries, especially in the MENA region.
The crude oil prices are directly proportional to the B2B sector. The reason is that every industry relies on crude oil to run the supply chain operations. Nothing can be manufactured and supplied unless there is crude oil in the country. Therefore, any fluctuation in crude oil prices will affect the entire B2B sector besides the economies of countries.
Raw materials, machinery, automobiles, and everything in the supply chain process rely on crude oil and its byproducts. Any fluctuation in crude oil’s price will surely affect the manufacturing cost.
Because the products and services in the entire B2B sector rely on crude oil. Either for raw material in production or fuel for machinery and transportation. Any change in the crude oil’s price will affect the entire B2B industry and the final product’s price.
Geopolitical tensions, natural disasters, exchange rates, speculative trading, and supply chain disruptions. These are some of the main factors that cause spikes in crude oil prices.
Coal power, biofuels, hydrogen fuel, and clean energy like solar, hydro, and wind power. In road transportation, electric and hydrogen fuels are becoming good alternatives.
A complete supplier evaluation process will help with it. Search for top names in the industry, filter them, and then verify their crude oil’s quality and past business experience. Then ask for certifications and supporting documents for better results.
