Oil and Gas Industry Analysis 2023 - Anticipated Stabilization of Crude Oil and Natural Gas Prices Affecting Market Dynamics, By The Global Market Model From TBRC

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Aug 25, 2023, 10:31 ET

A Comprehensive Overview Of Oil And Gas Industry: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

LONDON, Aug. 25, 2023 /PRNewswire/ -- According to the Global Market Model, The Business Research Company's flagship product, the projection for the oil and gas sector remains predominantly steady compared to the previous estimate until the end of 2022. The escalation in oil and gas prices as a result of the Russia-Ukraine conflict, disturbances in the supply chain, and the stabilization of crude oil and natural gas prices over the long term, were all factored into consideration during our prior forecast update. As a result, our predictions for this market have retained their stability throughout this update cycle.

Key takeaways highlighted in the analysis of the oil and gas industry by the Global Market Model include:

Valuation of the oil and gas industry: The worldwide oil and gas market achieved a worth of $6747.2 billion in 2022, constituting 6.7% of the global gross domestic product (GDP).
Growth rate of the oil and gas industry: Forecasts anticipate that the market will expand at a compound annual growth rate (CAGR) of 5.1% between 2022 and 2032.
Factors driving the size of the oil and gas industry market: The surge is expected to be driven by factors such as rapid advancements in oil and gas exploration, drilling, and refining technologies, along with the adoption of sophisticated methods for extracting oil and gas from depleted reserves during the projected period.
Dominant segments and regions in the oil and gas industry: In 2022, the oil and gas upstream activities sector constituted the largest segment of the market, making up 59.1% of the total, while the United States held the leading position in the market, accounting for 15.6% of the total market share in 2022.

Gain more insights into the oil and gas industry trends with a free consultation:
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The Global Market Model offers insights on the following key industry indicators for the oil and gas industry –

Oil reserves
Gas reserves
Active rigs
Oil refinery throughput
Oil refinery capacity
Number of enterprises
Number of employees

Leverage the insights from the Global Market Model for pivotal data on the oil and gas sector. We're dedicated to catering to your distinct needs

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SOURCE The Business Research Company