After a rapid decline, stabilization is a good sign
The influence of the oil and gas industry on different aspects of daily life is enormous. Major environmental disasters such as the ‘Deepwater Horizon Gulf Of Mexico Oil Spill’ in 2013 brought a negative spotlight on the oil and gas industry. The drop in the oil price in 2015 also negatively impacted all oil-dependent economies in the world, especially the Russian Federation, bringing a financial crisis to the nation with the rapid collapse of its currency. The share of the world oil and gas industry revenue in the gross-world product (GWP) during this period decreased from 12% in 2014 to 6% in 2017, but the forecast for this market is promising. The Business Research Company expects the oil and gas market to reach $4.48 trillion in 2023.
The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration, extraction, drilling, refining, and/or transportation of oil and gas.
Oil and Gas Market Coverage
The Business Research Company covers 24 markets overall in the oil and gas market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The oil and gas market is segmented in the following manner:
- 1.Oil and Gas Upstream Activities
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake pre-refining activities of crude oil and natural gas production. This is segmented into crude oil and natural gas pre-refining activities, oil and gas wells drilling services, and oil and gas supporting activities.
- 1.1.Crude Oil
- 1.2.Natural Gas
- 1.3.Oil and Gas Wells Drilling Services
- 1.4.Oil and Gas Supporting Activities
- 2.Oil Downstream Activities
The oil downstream activities market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing.
- 2.1.Refined Petroleum Products Manufacturing
- 2.2.Asphalt, Lubricating Oil and Grease Manufacturing
How Can We Help?
The Business Research Company`s Oil and Gas Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the oil and gas industry. The oil and gas market research services and solutions The Business Research Company provides are as follows —
- Oil and Gas Market Sizing, Forecast and Trend Analysis
- Oil and Gas Market Competitor Analysis
- Oil and Gas Market Supply Chain Analysis
- Oil and Gas Market Customer Research
- Oil and Gas Market Partner or Distribution Research
- Oil and Gas Market Entry Strategy Research Study
- Oil and Gas Industry Analysis and Profiling
- Oil and Gas Market Regulations
