Industry Analysis & Industry Trends
The Global Oil and Gas Exploration and Production industry is expected to generate revenue of $4.5 trillion in 2013. This is up from $4.2 trillion in 2008, yielding annualized growth of about 1.3%. Revenue is expected to expand 3.0% in 2013, which represents a slowdown from extremely large gains during 2010 and 2011, when oil prices surged. Large spikes in the price of oil and gas have largely been behind the industry's expansion over the period; however, industry performance was not without its pitfalls, with an almost 40.0% drop in revenue during the global recession in 2009.
This is a highly regulated industry, with various tiers of government involved in all stages of production... read more
Crude oil is estimated to account for 76.2% of global output by value in 2012, which is higher than in 2007 (74.3%), reflecting relatively strong growth in oil prices compared with gas prices. There are many grades of crude oil produced worldwide, ranging from the highest-quality light, sweet crude oil to poor-quality heavy, sour crude oil. Condensate (a very light form of crude oil) and natural gas liquids (hydrocarbon liquids removed from natural gas to produce dry gas) are also included in the crude oil category.
Different grades or streams of crude oil require different refinery configurations, produce different proportions of the most sought-after refined petroleum products (e.g. gasoline and automotive distillate) and attract different prices... read more