The Middle East oil and gas market is one of the most significant in the world, given the region’s vast oil and gas reserves. The market is expected to grow at a CAGR of 3.5% during the forecast period of 2022-2028. The growth of the Middle East oil and gas market is driven by several factors, including the increasing demand for energy, particularly from emerging economies such as China and India. The region’s strategic location as a major hub for global energy trade and the increasing adoption of advanced technologies for exploration, production, and refining of oil and gas also contribute to the growth of the market.
According to the International Energy Agency (IEA) Middle East energy production decreased by 3% in 2019 (from 86 EJ to 83 EJ) despite having the highest energy self-sufficiency ratio globally. Oil and natural gas production showed opposite trends, the former dropping by 5% in 2019 to 31% of the world’s oil production, whereas the latter grew by 3%, maintaining a 16% share of the global natural gas supply in 2019. Saudi Arabia was still by far the largest oil producer in the region in 2019 with a 39% share, followed by Iraq with 17% and the United Arab Emirates (UAE) with 14%, surpassing Iran where oil production fell by about one-third in 2019.
Key Segmental and Regional Analysis
Based on product type, the RationalStat report identifies crude oil as the largest segment of the Middle East oil and gas market, accounting for the majority of the market share. This is due to the region’s abundant reserves of crude oil and the high demand for it globally. Regionally, the report identifies Saudi Arabia as the largest producer and exporter of oil in the Middle East, followed by Iraq, Iran, and the UAE. These countries are expected to continue to dominate the market in the coming years, driven by their large reserves of oil and gas and their efforts to increase production capacity and improve efficiency.
Market Structure and Competitive Landscape
Some of the prominent players that contribute significantly to the Middle East oil and gas market growth include, Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), Kuwait Petroleum Corporation (KPC), Qatar Petroleum (QP), National Iranian Oil Company (NIOC), Petroleos de Venezuela, S.A. (PDVSA), Royal Dutch Shell, ExxonMobil, BP, Total S.A., Chevron Corporation, ENI S.p.A., ConocoPhillips, Occidental Petroleum Corporation, China National Petroleum Corporation (CNPC), Gazprom, Rosneft, Lukoil, Halliburton, Schlumberger, etc. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players.
Key Market Segmentation
RationalStat has segmented the Middle East Oil and Gas Market on the basis of type, drilling type, application, and region.
- By Type
- Oil and Gas Upstream Activities
- Oil Downstream Products
- By Drilling Type
- By Application
- By Region
- Rest of the Middle East
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for Oil and Gas Companies, government organizations, , educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.