Global Oil & Gas Market Rises To $7bn in 2023

The global oil and gas market grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9 per cent. The Russia-Ukraine war has disrupted the chances of global economic recovery from the COVID-19 pandemic, leading to economic sanctions, a surge in commodity prices, and supply chain disruptions. The oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3 per cent. The value of goods in this market includes related services sold by the creators of the goods. Asia-Pacific was the largest region in the oil and gas market in 2022, followed by North America.

The main types of oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights, and production activities, such as onshore and offshore drilling. Low-interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. In March 2020, the UK decreased the interest rates to 0.1%, which was the lowest ever. The Central Banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2020. Oil price volatility is likely to have a negative impact on the market as a significant decline and increase in oil prices negatively impact government and consumer spending.

For example, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022 due to significant decline in revenues generated from oil exports. Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The oil and gas market is dominated by major companies such as Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft. Companies such as ExxonMobil and Shell have been investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Sinopec has announced its decision to construct 10 intelligent centers to help reduce operation costs by 20%.

This oil and gas market research report provides a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The countries covered in the market include Nigeria, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand
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