The crude oil and natural gas extraction industry comprises establishments engaged in crude petroleum and natural gas extraction and natural gas liquid extraction. The crude oil and natural gas market in this report is segmented into crude oil extraction and natural gas extraction.
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The crude oil and natural gas market is valued at over $2 trillion in 2017 due to the rising demand for fossil fuels to cater to energy needs from around the world especially in developing countries such as China and India and the expected stabilization of oil and gas prices.
Asia Pacific was the largest geographic region accounting for over one-third of the global market.
The market is split into segments: crude oil and natural gas.
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The USA was the largest country accounting for one-fifth of the market share. This is due to the country’s large consumer population, high level of income, and boost of shale oil production which led to increased consumption of the oil and gas. The USA is followed by China and Russia.
The major competitors in the market are Saudi Aramco, Rosneft OAO, Kuwait Petroleum Corp., Iraq Ministry of Oil, National Iranian Oil Company, Exxon Mobil Corp., Statoil ASA, Royal Dutch Shell PLC, BP Plc And Chevron Corp. Saudi Aramco company is an integrated energy and chemicals company in Saudi Arabia. The company is engaged in the exploration, production, refining, distribution, shipping, and marketing of hydrocarbons; production of petrochemical products; and production and export of crude oil and natural gas liquids.
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