PUBLISHER: MarketLine | PRODUCT CODE: 1449508
PUBLISHER: MarketLine | PRODUCT CODE: 1449508
Global Oil & Gas industry profile provides top-line qualitative and quantitative summary information including: market size (value 2019-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
The oil and gas market volume is defined as the total consumption (barrels of oil equivalent) of refined petroleum products and natural gas by end-users in each country. The value of the oil segment reflects the total volume of refined petroleum products, including refinery consumption and losses, multiplied by the average retail price of gasoline and diesel taken together. The value of the gas segment is calculated as the total volume of natural gas consumed multiplied by the retail price of natural gas.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The conflict between Russia and Ukraine, which started on February 24, 2022, has had a major impact on demand and oil prices in several countries. Oil and gas prices will not follow past trends in the current scenario. Projected prices and consumption are calculated using growth rates from reliable media and association reports.
The global oil & gas market recorded revenues of $5,929.2 billion in 2023, representing a compound annual growth rate (CAGR) of 1.3% between 2018 and 2023.
Market consumption volume increased with a CAGR of 0.5% between 2018 and 2023, to reach a total of 51,295.8 million BoE in 2023.
The contraction in the oil & gas market in recent years can be attributed to the growing sales of electric vehicles. According to the IEA, global sales of electric vehicles (EVs) currently account for 13% of all vehicle sales, and by the end of the decade, they are expected to account for 40%-45% of the market.