Oil And Gas Market Overview 2023-2032 – Key Opportunities And Strategies

The Oil And Gas Global Market Report 2023 by The Business Research Company, provides oil and gas market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Oil And Gas Global Market Report 2023, the market size is expected to grow from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%.

Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period.

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The oil and gas market is segmented:

1) By Type: Oil & Gas Upstream Activities, Oil Downstream Products

2) By Drilling Type: Offshore, Onshore

3) By Application: Residential, Commercial, Institutions, Other Applications

Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil.

The oil and gas market report table of contents includes: