The oil and gas industry is one of the largest sectors in the world in terms of value, generating an estimated over $3 trillion in revenue annually. Oil is crucial to the global economic framework, especially for its largest producers: the United States, Saudi Arabia, Russia, Canada, and China.
The oil and gas industry is often divided into three segments: upstream, the business of oil and gas exploration and production; midstream, transportation, storage, and processing; and. downstream, which includes marketing – distribution, and sale to end-users/consumers.
Players in the global oil and gas exploration and production industry discover and extract natural gas and crude oil from oil and gas reserves throughout the world. The crude oil industry includes all activities that happen out in the field including drilling wells, trucking supplies, and mining oil sands, as well as activities that involve different environmental studies and research analysis. Crude oil is used for energy carriers that can be combined into gasoline, diesel, jet fuel, and heating oils. Heavier products are used to make asphalt, paraffin wax, tar, and lubricating oils. The largest component of natural gas is methane and it also contains smaller amounts of hydrocarbon gas and non-hydrocarbon gases, such as carbon dioxide and water vapor. Natural gas is consumed primarily in the pulp and paper, chemicals, metals, stone, petroleum refining, clay and glass, plastic, and food processing industries.
Over the years, the prices of crude oil and natural gas have fluctuated aggressively despite steady production growth, which caused revenue fluctuations. There is continued growth in the market, especially in large developed markets such as China and Europe, which boosted demand for petroleum products and energy. In addition, high prices prompted players to expand production more expensive, sites that are less cost-effective at lower price points. While growth in alternative energy sources presents a long-term threat to the industry, expanded demand from emerging markets for traditional products should outweigh this threat, and the viability of many of these alternative sources of fuel is not yet at a scale sufficient to significantly damage the industry.
There are many subject matter experts and key opinion leaders that cover the scope, size, disposition, and growth of the industry including key competitive landscapes, current in-depth market insights, and success factors that will help boost companies in managing the oil and gas industry. SMEs and KOLs can provide insights on industry forecasts, growth rates, and an analysis of the industry key players and their market shares to monitor the oil and gas industry and economic trends. Use these results to develop strategies and adapt your business to any changing environment.
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