Petroleum and natural gas are used in a variety of industries for a wide range of purposes. In Germany, these fossil fuels have been extracted since the beginning of the 20th century and make a small contribution to guaranteeing Germany's energy supply. According to the BVEG, there are around 23.7 million tonnes of crude oil reserves and 36 billion cubic metres of natural gas reserves in Germany as of 2022. The industry's turnover and profit development is closely linked to the development of world market prices for crude oil and natural gas. OPEC+ plays an important role in setting oil prices. By setting production quotas, OPEC+ can adjust supply to demand and thus stabilise or increase prices. Following the price slump in 2020 due to the COVID-19 pandemic, the price of oil and gas began to rise again in 2021. The recovery of the global economy and rising demand for energy drove prices up. Limited production capacities and supply bottlenecks further exacerbated this trend. The Russian invasion of Ukraine in February 2022 led to a further price increase. Economic sanctions and import embargoes against Russia, an important exporter of natural gas, caused prices to rise further. Energy prices have fallen again since 2023, but remain at a high level. Oil and gas prices will also remain volatile in 2025, influenced by geopolitical tensions, economic uncertainties and OPEC+ decisions.Since 2020, turnover in the sector has risen by an average of 8.2% per year. This is primarily due to price increases in 2021 and 2022. However, the recent lower international prices for crude oil and natural gas as well as steadily declining production volumes have led to a negative development in the industry since 2023. Fears of a global recession and the actual slowdown in economic growth in some regions have dampened demand for oil and natural gas while global production volumes remain high. For 2025, IBISWorld expects sales to fall by 0.7% compared to the previous year to 2.9 billion euros.In the long term, the industry will not be able to recover, even though natural gas in particular is likely to continue to play an important role in energy and heat generation in Germany. The declining reserves of raw materials in Germany are further reducing the companies' production output. The domestic production volume of natural gas was 169,428 terajoules in 2022, compared to 378,425 terajoules in 2012. As a result, companies in the sector are increasingly starting to reorient themselves internationally and outside the renewable energy sector. Turnover is expected to fall by 1.2% per year and reach 2.7 billion euros in 2030.

Production of natural gas in the United States has been increasing for the past decade and peaked at nearly 1033 billion cubic meters in 2023 and 2024. An increase in production corresponded with rising demand for natural gas in the United States, particularly after the 2008 Recession.    Natural gas becomes competitive Since the early 2000s, the price of coal had been going up, and increased more rapidly following the 2008 Recession, which affected the cost of crude oil to an even greater degree. When the price of crude oil peaked shortly after the financial crisis, consumption of petroleum decreased in the next year. Simultaneously, the cost of natural gas dramatically decreased, making it a stronger competitor with coal and petroleum. The rise of fracking Low-interest rates during the Recession led to new investments in new techniques to obtain natural gas, such as horizontal drilling and hydraulic fracturing, that may be controversial due to health and environmental impacts. Often obtained through fracking, shale gas has become a common form of natural gas, and shale gas production in the United States has increased dramatically since the financial crisis.

Alberta’s manufacturing sector is currently in recession as a result of the dramatic drop in crude oil prices. Lower oil prices have translated into much lower selling prices of refinery products and are causing oil and gas companies to drastically lower their capital spending which translates into reduced demand for machinery and equipment produced by Alberta’s manufacturing and fabricated metals sectors.

In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking ****** and ******** respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move its headquarters further South to its Houston campus) and generated an operating revenue of *** billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

The oil production in Angola was measured at 1.32 million barrels per day in January 2022, improving from 1.29 million barrels in the previous month. During the period observed, the output reached the highest in the first quarter of 2020. After that, it started an overall downward trend. In 2021, the country produced on average 1.2 million barrels of oil daily, the lowest level in the last fifteen years. Currently, Angola’s challenge lies in reversing this decline in production, as the activity has an enormous influence on the country’s economy.

Angolan economic growth relies on the oil industry

Angola’s GDP is forecast to increase by three percent in 2022, showing signs of recovery after years of recession. Higher global oil prices, combined with the relaxation of the coronavirus (COVID-19) pandemic restrictions, are likely to drive the Angolan economic growth. Being the second largest oil producer in Africa, Angola relies strongly on this resource. Around one-third of the country’s GDP is rooted in the oil industry. Moreover, crude oil, natural gas, and refined oil account for almost all national exports.

Oil sector lacks investment

Despite vast oil reserves, Angola’s oil sector struggles with a lack of investment. For instance, capital expenditure, often used for new projects and investments, declined to three billion U.S. dollars in 2021, against 15 billion U.S. dollars in 2014. To face such issues and revitalize the sector, the Angolan government released a strategic plan for the exploration of hydrocarbons between 2020 and 2025 and approved new tax incentives to boost the oil industry. Furthermore, investment to increase the national oil refining capacity is also planned, with new refineries expected to start operations by 2025.

According to Cognitive Market Research, the market for well-completion equipment and services is expected to reach USD 10.9 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 4.50% from 2023 to 2030. How are the Key Trends Affecting the Well Completion Equipment and Services Market?

Rise in Demand for Oil & Gas to Drive Market

The energy demand has risen quickly during the last few decades globally. As a result, more oil and gas wells have been explored in various places of the world. The consumption of energy sources, including oil and gas, renewable energy, and nuclear energy, has significantly increased due to rising living standards and the world's population growth.

Global energy usage is predicted to be 580 million terajoules per year. This equates to 580 million trillion joules or approximately 13865 million tonnes of oil equivalent. (Mtoe).

(Source:www.theworldcounts.com/challenges/climate-change/energy/global-energy-consumption)

Additionally, because most nations are refocusing their attention on lowering carbon emissions and increasing their reliance on fossil fuels, the demand for natural gas is anticipated to boost the need for gas exploration globally during the upcoming forecast period. The demand for well-completion services and equipment across various gas rig locations is favorably impacted by the rising energy consumption in the world and the rising number of gas rig explorations, propelling the market internationally.

The Challenges Restraining Growth of the Well Completion Equipment and Services Market

Fluctuations in Foreign Currencies Continue its Influence to Impede Market Growth

The global economic downturn and rising property costs in industrialized economies substantially impacted the market in previous years. Thus, the market is still recovering from the recession and controlling inflation rates in developed economies. However, the ongoing changes in currency exchange rates continue to reduce market participants' profit margins. Additionally, the global economic environment impacts the extraction of metal needed to make oilfield equipment, which will restrain market expansion in the ensuing years. According to predictions, the industrialization and growth of the oil and gas industry will be propelled by fast-rising economies in the next years, balancing these price considerations and providing stable profit margins for market participants.

Impact of COVID–19 on the Well Completion Services and Equipment Market

The global market for well-completion equipment and services is anticipated to slow down during the next few years due to the COVID-19 pandemic. Lockdown measures undertaken by various governments have caused factory closures in several towns and provinces worldwide, prompting forecasts of a dramatic slowdown in the output of everything from the oil and gas industry to the industrial sector. The recent decrease in oil exploration operations is one of the primary factors projected to impact the market well-completion equipment and services adversely. Moreover, once production activities are suspended, businesses must deal with lost revenues and damaged supply chains. Introduction of Well Completion Equipment and Services

"Well-completion equipment and services" relates to wellbore consultancy, architectural design, and downhole equipment for oil and gas wells in offshore and onshore areas. They cover whole completion procedures like operating the production tube, establishing the downhole tools, and carrying out numerous additional operations to get well ready for use. Due to the rising need for global oil and gas exploration, the market for well-completion equipment and services is projected to expand. The installation of machinery to extract crude oil from the earth's crust to meet the demand for oil and gas globally is made possible by well-completion tools and services. Another factor that is predicted to support market expansion is increased investment in various exploration and production activities. However, the challenges limiting the growth of the global market for well-completion equipment and services are the inability to improve the separate areas within productive zones and block off gas or water zones.

For instance, in 2021, the United States petroleum consumption will average about 19.78 million barrels per day (b/d), including roughly a million b/d of bi...

In 2024, the United States imported 3,145 billion cubic feet of natural gas. U.S. imports of natural gas strongly increased from the 1990s to the early 2000s and peaked around the mid-2000s. As the U.S. has increased its domestic production of natural gas, the need for imports has steadily declined, despite an overall growing demand for the energy source. Natural gas exports exceed imports While imports of natural gas have fallen since 2005, U.S. natural gas exports have risen dramatically, especially from 2015 onward. Around this time, demand for natural gas increased in part because of greater means of exporting gas in the form of LNG. Fracking since the financial crisis The expansion of LNG export terminals and decrease in imports were driven in large part by changes in the natural gas industry following the 2008 recession. As a peak in the OPEC crude oil price made purchasing oil more and more expensive, domestic oil and natural gas production took off. The U.S. Henry Hub natural gas price dropped as investors seized on low interest rates to develop alternative extraction methods, mainly through hydraulic fracturing (or fracking). This method is used to access natural gas and oil in formations that were previously difficult to reach, as well as to extend production in older oil and gas fields.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 61.81 U.S. dollars per barrel in 2025, according to a May 2025 forecast. This would be a decrease of roughly 15 U.S. dollar compared to the previous year. In the first months weeks of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and expected economic downturn. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.

In 2024, the industrial natural gas price in the United States was 3.93 U.S. dollars per thousand cubic feet. This was a decrease compared to the previous year. In 2008, the U.S. price of natural gas for industry peaked at 9.65 U.S. dollars per thousand cubic feet as a result of the Great Recession. Despite the increase in natural gas prices for the industry sector in recent years, natural gas prices for other sectors were much higher. Regional price variations across U.S. hubs Natural gas prices can vary significantly across different regions of the United States. In 2024, the Waha trading hub in the Permian basin recorded the lowest spot prices due to its proximity to productive oil and gas wells and limited pipeline capacity. Meanwhile, the Henry Hub, which serves as the U.S. natural gas benchmark, averaged 2.2 U.S. dollars per million British thermal units in 2024. Looking ahead, forecasts suggest that Henry Hub prices could more than double by 2026, driven by increased demand. Industry natural gas prices around the world Switzerland has some of the highest natural gas prices for the industrial sector. U.S. prices are especially low in comparison to European countries, which rely on imports. U.S. industrial natural gas consumers paid around one fourth of the price paid by Swiss consumers.

The unleaded petrol market, while facing headwinds from the growth of electric vehicles and biofuels, continues to be a significant global industry. Driven by persistent demand from the transportation sector, particularly in developing economies experiencing rapid motorization, the market is projected to maintain a healthy growth trajectory. Although the exact market size in 2025 is unavailable, considering a global CAGR (Compound Annual Growth Rate) of let's assume 2% based on industry averages and factoring in the existing major players like Saudi Aramco, ExxonMobil, and Shell, we can estimate a 2025 market value of approximately $1.5 trillion. This estimation accounts for fluctuations in oil prices, regional economic growth, and evolving governmental regulations influencing fuel consumption patterns. The market is segmented geographically and by application (e.g., passenger vehicles, commercial vehicles), with regions like North America and Asia-Pacific dominating due to higher vehicle ownership and extensive road networks. Key market drivers include consistent global economic growth (excluding periods of significant recession), expanding infrastructure in emerging markets, and a relative affordability of unleaded petrol compared to alternative fuels. However, restraining factors include increasing environmental concerns, stricter emission regulations promoting electric vehicle adoption, and volatility in crude oil prices. Further analysis reveals a dynamic interplay of forces shaping the future of the unleaded petrol market. The ongoing transition to cleaner energy sources presents a long-term challenge, yet the substantial existing infrastructure, coupled with the widespread use of internal combustion engine vehicles, ensures continued demand for unleaded petrol in the medium term. Growth will likely be concentrated in regions with growing middle classes and increasing vehicle ownership. The market will witness a stronger competition among major producers, with a focus on operational efficiency and exploration of opportunities in refining and downstream operations. Technological advancements in refining processes aimed at improving fuel quality and reducing emissions will also play a crucial role. Strategic collaborations, mergers and acquisitions, and innovations focused on improving fuel efficiency are expected to reshape the market landscape in the coming years. In conclusion, while the long-term outlook is gradually shifting towards alternative fuels, the unleaded petrol market will retain its importance for at least the next decade, exhibiting moderate growth influenced by the interplay of global economic conditions and environmental policy shifts.

The United States reported some **** trillion cubic meters in natural gas reserves in 2023. This was an increase of **** percent compared to the previous year. Increasing amounts of proved natural gas reserves in the United States correspond with a global trend as production techniques develop and further appraisals and discoveries are made. The U.S. natural gas industry expands As oil prices rose after the 2008 Recession, natural gas consumption increased as markets turned to a more affordable source of fuel. Low-interest rates and a temporarily destabilized oil market gave investors greater incentive to develop unconventional methods of gas extraction, such as horizontal drilling and hydraulic fracturing. These developments made it more cost-effective to extract from natural gas reserves deep underground that were previously hard to reach. The rise of shale gas Implementation of hydraulic fracturing, also called “fracking,” has led to an unprecedented increase in the production of shale gas in the United States. Heightened interest in natural gas and expanded extraction capabilities have contributed to greater exploration of previously unattainable source rocks in the United States and abroad.

This poll, conducted February 10-12, 2001, is part of a continuing series of surveys that solicit public opinion on the presidency and on a range of other political and social issues. The survey examined respondents' views about George W. Bush as president, including whether they approved of Bush's job performance, their opinions of Bush, whether Bush would be in charge and have control of his cabinet, the biggest problems facing President Bush and the Congress, whether Bush would be able to work with both parties to get things done, and whether Bush would be capable of handling foreign affairs. A second battery of questions queried the respondents on their views of Congress, including whether partisanship was still present in Washington, whether they approved of Congress's job performance, and whether the current Congress could do a better job then their predecessors, considering that the Congress was nearly evenly divided. Respondents were also asked for their opinions on taxes and the economy. In regard to taxes, respondents were asked if the budget surplus should be used to cut income taxes, pay down the national debt, preserve programs like Medicare and Social Security, or something else, what size income tax cut they would like to see passed, whether they approved of Bush's 1.6 trillion dollar tax cut over the next ten years, who they thought would benefit from the tax cut, how the tax cut would affect Social Security and Medicare, and what they would do with the extra money if the tax cut passed. With respect to the economy, respondents were queried about the condition of the national economy and whether it was getting better or worse, whether they felt the economy was in a recession, how they viewed the stock market and the future of the market, if it was a good time to buy a new car or house, if they were concerned about layoffs in the future, and whether their spending habits had changed because of concerns for the economy. Another set of questions dealt with America's power supplies. Respondents were asked if the electric companies, state government, or consumers were to blame for the power shortage in California, whether the federal government should help California or if it was a state issue, whether producing energy was more important than protecting the environment, and whether the Arctic National Wildlife Refuge (ANWR) in Alaska should be opened for oil and natural gas drilling. Respondents' views were also elicited on the topics of retirement and marriage. Questions if applicable, probed the age at which the respondents expected to retire, their main reason for planning to retire after age 65, whether they thought that the Social Security system would have enough money to provide their expected benefits, whether they had begun to establish a separate savings program for retirement, what type of program it was, at what age they began this savings program, whether they would accept an early retirement if given the chance, and whether they expected their standard of living to be the same after retiring. In regard to marriage, respondents were asked if most Americans getting married currently took the institution of marriage as seriously as their parents' generation did, how long romance lasts during marriage, if married, what the quality of communication was between them and their spouses, if they could trust their spouses, and whether they were satisfied with marriage. Respondents were also asked for their opinions of former President Bill Clinton, former President George H.W. Bush, Vice-President Dick Cheney, and the 1991 Persian Gulf War. Background information on respondents includes age, gender, education, race/ethnic identity, voter registration, political party affiliation, political orientation, marital status, number of children in the household, and household income.

The United States produced the most oil in the world in 2024, at around ************ barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2023, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some ** percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

Proved oil reserves in the United States rose to ***** billion barrels in 2023. This was the peak in the period of consideration, and an increase of more than two billion barrels compared to the previous year. U.S. proved reserves more than doubled since 2010. New methods, more oil When the global recession hit in 2008, oil prices skyrocketed and the U.S. sought to produce more fuel domestically. Investors took advantage of reduced interest in the wake of the financial crisis to develop new methods to reach previously inaccessible shale gas and oil resources from deep underground. With these permeable rock formations now considered a feasible hydrocarbon source, U.S. proven oil reserves drastically increased. As extraction methods such as hydraulic fracturing took off, U.S. oil production surged. Large formations of shale and tight sandstone made Texas and New Mexico the leading producers of crude oil. Already the biggest consumer of oil worldwide, the United States now produces more oil than any other country, exceeding its own high domestic demand.

The statistic shows the inflation rate in the Netherlands from 1987 to 2024, with projections up until 2030. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2024, the average inflation rate in the Netherlands was about 3.22 percent compared to the previous year. Economy of the Netherlands The Netherlands has an open economy, which implies that the country is highly dependent on foreign activities, such as imports and exports. The country’s economic policies and regulations have allowed for the country to highly benefit from strong international relations, however have increased the chances of economic struggles that correspond with the economic situations in other countries as well. The Netherlands is one of the main countries for foreign direct investments in Europe due to its strategic location, superior technological infrastructure as well as international business environment, a reputation that has all but grown more formidable over the years. Additionally, the country’s tourism industry makes up a rather large part of its GDP. Despite feeling the effects of the global financial crisis of 2008 as well as the Eurozone crisis, many aspects of the Dutch economy are highly prosperous, most notably with its low inflation rates. Unemployment within the country, in spite of a slight increase over the past several years, has remained relatively low in comparison many other European countries that were equally as affected by recession.