Oil & Gas: market outlook
2018 ended positively for the Oil & Gas sector which, after the 2014 shutdown, saw a slow but gradual growth in oil price (from $ 40 in 2016 to around $ 67 in 2018).
This recovery is related to some important agreements signed between the OPEC and non-OPEC countries, including the decision to introduce less oil into the market.
What are the trends, opportunities and forecasts for the Oil & Gas sector?
Some signs, such as the steady growth in demand, indicate that the recovery may not be temporary but could consolidate in the short term.
However, there are also some challenges that the market will have to face in the near future. These include the willingness of many oil companies to invest in renewable energy and the commitment to reduce emissions and plastic waste by optimizing recycling processes.
The actors involved are actually implementing important changes: digital innovation, generational choices, consumer empowerment, new regulations, just to mention some of the changes in progress.
These scenarios will have their momentum in 2019-2020 two-year period, with results that are still unpredictable but with positive expectations regarding the economic-social impact.
Covis has always been attentive to the international scene to anticipate market trends and the needs of its customers.
Source: Deloitte: 2019 oil, gas, and chemicals industry outlook