The global oil and gas market will grow to $5.87 trillion this year
According to Jeddah’s August 17, the global oil and gas market is expected to grow from US$4.68 trillion in 2020 to US$5.87 trillion in 2021, with a compound annual growth rate of 25.5%.
According to the "2021 Global Oil and Gas Market Report" released by W7Worldwide, it is estimated that by 2025, the global oil and gas market will reach 7.43 trillion US dollars, with a compound annual growth rate of 6%.
The oil and gas industry is developing a circular economy to improve the sustainability of its operations and help combat climate change. By 2030, the circular economy will provide more than US$4.5 trillion in market opportunities.
For example, Saudi Arabia used its G20 presidency to promote its circular carbon economy plan. As part of the Vision 2030 plan, the country is the first country to export blue hydrogen for zero-carbon power generation. Saudi Arabia's goal is to occupy a leading supply position in the fast-growing hydrogen market.
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