Oil And Gas Industry Growth Worth Is Set To $8670 Billion By 2027

The Business Research Company’s research on the oil and gas market industry growth forecasts the global oil and gas market size to grow from $6,989.6 billion in 2022 to $7,330 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.

The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas industry revenue is expected to grow to $8,670 billion in 2027 at a CAGR of more than 4%.

Low-interest rates in the majority of developed countries will benefit the oil and gas industry during the forecast period. For example, in March 2020, the UK cut interest rates to 0.1%, the lowest level ever. In addition, the central banks of North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey, cut interest rates in 2020.

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Source: GlobeNewswire

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