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Global Offshore Oil & Gas market Drop By 28% Due To Covid-19

Global Offshore Oil and Gas Market will grow by USD 2.79 bn during 2020-2024

       The biggest and most significant impact of the coronavirus pandemic on the downstream oil market has been the price crash of crude oil within a short time. Consider this, on start of 2020; the price of a barrel of crude oil was being sold for $68.08 on the NASDAQ exchange in New York. By March 15, 2020, this price had crashed down to $30.00 a barrel. Oil majors have taken a major hit - BP's market cap today is just 52% of what it was at the start of 2020.

Market key players reported in this Sinopec, Aramco Overseas, China National Petroleum, Royal Dutch Shell, BP plc, ExxonMobil, and Total S.A

      Oil demand is expected to rise by an average of 1.4 p% per year and Gas Market Expected to Gain a Decent CAGR of 3.40% over the Forecast Period 2020-2024. In future, the main alternatives to oil and gas energy include nuclear power, solar power, ethanol, and wind power. As the global oil and gas industry continues to understand the overall effect of the coronavirus pandemic on oil demand and what the future holds, dealing with lower product demand and coming to terms with the fall in prices is a stark reality facing many companies in the coming months. This insightful research is a stepping stone for investors, researchers, and analysts worldwide to get a closer look at the global oil and gas industry 2020.

      Segmentation based on market is divided by type, Liquidified Natural Gas, Heavy Crude Oil, Light Crude oil. By application Ultra deep water drilling, shallow water, Deep water drilling. By region it covered North America, Europe, Asia-Pacific and Rest of the World. The Middle East and Africa are expected to grow at the fastest CAGR during the forecast period.

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