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
o United States
o Canada

• Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe

• Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific

• Rest of the World
o Middle East & Africa
o 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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This release was published on openPR.