According to the study, ‘OIL
& GAS GLOBAL GROUP OF EIGHT (G8) INDUSTRY GUIDE 2013-2022’,
considering the G8 countries which excludes the Middle East, USA is the leader
in the oil and gas industry producing huge amount of oil.
Global Oil and Gas Industry is growing year on year during the last
decade due to increasing demand for oil especially from the developing
countries such as India and China. Developing countries require crude oil in
order to fuel their growth further. The primary hub for oil industry is the
Middle East which holds most of the oil reserves thus putting them at an
advantageous position. In January 2016, USA’s ban on export of oil was lifted
and ever since the United States export of oil, liquefied natural gas (LPG) and
refined products continue to rise. Although, United States is still a net
importer of oil however, its recent advancements in the industry could
potentially change its position in the international market. This would further
change the USA’s stance on geopolitics and national security. Given Mexico’s
geographical location and close proximity, it could prove to be a good market
for USA’s oil and natural gas industry especially refined products but only if
USA is able to maintain good relations with Mexico. The unconventional cost
reduction that has been achieved by manufacturers in the United States is their
major USP. Cost reductions are an important aspect of not just the oil
manufacturers but also the natural gas industry where the producers have not
been just able to reduce the cost but also sustain the lower cost. Some major
companies that function in the USA include Exxon Mobil, Chevron and
ConocoPhilips.
Various studies conducted by organizations in Russia, prove that the
industry experts are satisfied with the current state of affairs of the Oil and
Natural Gas Industry and expect this to industry to grow in the future. The
cost of oil and gas industry in Russia is very stable which is expected to show
stability in the future with no erratic shifts. This shall aid the industry in
growth in the coming years as the current levels of production can grow easily.
The Russian Industry aims to cash in on the growing demand globally with little
focus on national demand which is growing at a slow pace. Companies in Russia
are investing large amount in the R&D segment to improve on the quality of
their produce.
As per the available data, Japan ranks among the top 5 countries which
consume the maximum oil and its major oil dependency is met from the Middle
East especially the United Arab Emirates. Recent steps by the Japanese
government in order to develop the self development ratio (SDR) of oil in
proportion to its oil imports which has given a boost to the oil and natural
gas industry. These steps include providing financial assistance for sea
exploration via the government agencies such as Japan Gas, Oil and Metals
National Corporation and Japan National Oil Corporation.
Although the world might be shifting to renewable forms of energy
however, with the entry of United States in the global market could potentially
mean the changing of the entire industry landscape. The demand would also be
met strongly from the Russian and Japanese companies who are producing huge
amounts of oil and gas in order to enhance their market share.
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