Using the information obtained from the number of mentions, online engagement, and qualitative expert analysis, GlobalData Intelligence Center was able to deduce oil and gas industry trends for 2019. We have summarized their report below.
1. Oil Supply
The supplies of oil from among the richest oil exporters had brought about major impacts on the oil and gas industries. A testament to the above statement is the US sanctions on some of the top exporters such as Venezuela and Iran. Other than this, some recent events have also shown us how retractions in oil supplies can eventually lead to an increase in the prices of oil globally.
2. Energy Outlook
Energy outlook is considered when writing reports and publications on future trends of energy. It has the ability to incorporate projections of data regarding demand and supplies and future policies regarding energy – both on a domestic and international scale.
3. Energy Policy
As the government has outlined energy policies for intergovernmental agencies and oil and gas firms, there is a balance of resources. This, therefore, results in improving the overall landscape of energy. An example of this can be seen in the U.S. Department of Energy’s policies that pertain to the exploration and production of energy. All the sources of energy that affect the U.S. need to adhere to the guidelines that have been set by international bodies – of which the U.S. is a member.
4. Natural Gas Supply
Natural gas supplies refer to the exploration and production of mixtures of hydrocarbon gases – which are usually composed of methane. Recently, oil and gas firms have begun promoting usages of natural gas simply because of the perception that its production is eco-friendly. Fossil fuels such as coal do exactly the opposite.
5. OPEC Output
OPEC stands for the Organization of Petroleum Exporting Countries, and there are currently 14 members. These members include the top four countries in terms of oil exports – which include Qatar, the United Arab Emirates, Iraq, and Saudi Arabia.
6. Oil Price
Oil prices, if you didn’t already know, are measured according to the costs of barrel pertaining to certain types of oil. According to quotes predicted by Offshore Technology Reuters, the international Brent crude oil stood at about $54.38 / barrel in the near future. In October of 2018, however, the price of Brent crude oil stood at the very high of $85 / barrel.
Fracking, or hydraulic fracking, is a method used in exploring petroleum or natural gas under the deepest formations of rock. While this method had proved to be quite productive in the U.S. and U.K., both these industries were warned against the use of this method due to small-scale seismic activities. Now, however, both countries are planning to restart their fracking operations because the legal challenges have perished.
So there you have it folks – these were the oil and gas industry trends that were provided to us by GlobalData. We’ll just have to see what the 2nd quarter of 2019 has in store for the industry.