NAICS Code 523999-08 - Oil-Crude-Purchasing

Marketing Level - NAICS 8-Digit

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Contact Emails: 55
Company Websites: 10
Phone Numbers: 13
Business Addresses: 14
Companies with Email: 7
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NAICS CODE 523999-08
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NAICS Code 523999-08 Description (8-Digit)

The Oil-Crude-Purchasing industry involves the purchasing of crude oil from various sources such as oil fields, refineries, and other suppliers. Companies in this industry purchase crude oil in large quantities and then sell it to refineries or other buyers. The industry is highly competitive and requires a deep understanding of the oil market and its fluctuations.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523999 page

Tools

Tools commonly used in the Oil-Crude-Purchasing industry for day-to-day tasks and operations.

  • Oil price tracking software
  • Oil analysis equipment
  • Oil storage tanks
  • Oil transportation vehicles
  • Oil quality testing equipment
  • Oil refining equipment
  • Oil spill response equipment
  • Oil well drilling equipment
  • Oil pipeline monitoring equipment
  • Oil trading software

Industry Examples of Oil-Crude-Purchasing

Common products and services typical of NAICS Code 523999-08, illustrating the main business activities and contributions to the market.

  • Crude oil purchasing and selling
  • Oil field exploration and development
  • Oil storage and transportation
  • Oil refining and processing
  • Oil spill response and cleanup
  • Oil well drilling and maintenance
  • Oil pipeline construction and maintenance
  • Oil trading and brokerage
  • Oil market analysis and consulting
  • Oil quality testing and certification

History

A concise historical narrative of NAICS Code 523999-08 covering global milestones and recent developments within the United States.

  • The "Oil-Crude-Purchasing" industry has a long and complex history worldwide. The first oil well was drilled in Pennsylvania in 1859, and since then, the industry has grown exponentially. In the early 20th century, the discovery of large oil reserves in the Middle East led to the establishment of major oil companies such as BP, ExxonMobil, and Shell. In the 1970s, the oil crisis caused by the OPEC embargo led to a significant increase in oil prices, which had a profound impact on the global economy. In recent years, the industry has faced challenges such as the shale oil boom, which has disrupted traditional oil markets and led to a decline in prices. In the United States, the "Oil-Crude-Purchasing" industry has a more recent history. The industry began to grow rapidly in the mid-2000s, driven by the shale oil boom. The development of new drilling techniques such as hydraulic fracturing and horizontal drilling has made it possible to extract oil from previously inaccessible sources. This has led to a surge in domestic oil production, making the United States one of the world's largest oil producers. However, the industry has also faced challenges such as environmental concerns and regulatory issues. Overall, the "Oil-Crude-Purchasing" industry has played a significant role in the global economy and will continue to do so in the future.