Global Oil & Gas Industry
The global oil and gas market was worth just over $2,640 billion in 2010, representing almost a 74 billion barrel oil equivalent of consumption. The oil and gas industry is predicted to grow at a 7% compound annual growth rate, hitting almost $3,700 billion by the close of 2015, according to research from MarketLine.
The oil and gas industry covers the locating, extracting (drilling), refining, delivering and marketing of oil and gas products. Oil meets much of the world’s demand for energy, around a third in the EU and Asia and over half in the Middle East. Demand for gas in the EU is forecast to show 1% annual growth in the long term, according to a 2010 statistical report from the European gas industry association Eurogas. This marks gas market recovery after consumption fell about 6% in the EU in 2009, driven down by the global financial crisis.
The world could come up against daily oil shortages of almost 10 million barrels by 2015 and daily shortages of 18 million barrels by 2030, according to a report by the US Joint Forces Command.