The oil and gas industry includes exploration, extraction, drilling, refining, transportation of oil and gas. Oil and gas market in this report is segmented into oil and gas upstream activities and oil and gas downstream activities.
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The oil and gas market is valued at over $5 trillion in 2017 due to greater stability in crude oil prices and increased demand from developing nations will drive the oil and gas market growth.
Asia Pacific was the largest geographic region accounting for over one-third of the global market.
The market is split into segments: oil & gas downstream activities and oil & gas upstream activities.
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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. It is followed by China and Russia.
The major competitors in the market are Saudi Aramco, Kuwait Petroleum Corp., Rosneft OAO, 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, global petroleum 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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