Global Oil Industry Market Trends, Size, Forecast - 2019-2025
Oil industry includes operations, such as exploration, production, refining, and transportation, and marketing of petroleum and crude products. There is a considerable dependency on the oil production globally coupled with the growth in the transportation sector and increasing global energy demand. As a result, global economies continuously invest in petroleum-based products. In 2018, the aviation sector has witnessed potential growth coupled with the increasing demand for air transportation since 2000. Both passenger and freight aviation has reported enormous potential in 2018.
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As per the International Energy Agency (IEA), in 2018, the total number of air passengers reached a record of 4.3 billion, increased from 4 billion in 2017. The availability of low-cost airlines and growth in the tourism sector were some crucial factors attributed to the positive growth of the aviation industry, which in turn, has led the demand for oil in the aviation sector. However, in 2020, the global demand for oil has declined sharply owing to the epidemic of coronavirus. Due to the COVID-19 outbreak, the government across the globe has stopped or reduced international travelling, which results in less consumption of kerosene oil.
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Global Oil Industry Segmentation
By Production
Onshore
Offshore
Impact of COVID-19 on major economies
North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
Company Profile
BP p.l.c.
Chevron Corp.
China National Offshore Oil Corp. (CNOOC Group)
China National Petroleum Corp. (CNPC)
ConocoPhillips Co.
Equinor ASA
ExxonMobil Corp.
PJSC LUKOIL
PJSC Rosneft Oil Co.
Saudi Arabian Oil Co. (Saudi Aramco)
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