Middle East Oil & Gas Market Report | Market Size, Share, Consumption, Production, Historical and Forecast Data, 2019-2030

The Middle East oil & gas market is expected to reach US$ 1,405.7 billion by 2030, with an annual growth rate of more than 3.9%. We estimate that Saudi Arabia's net export revenue was US$ 311 billion in 2022, which accounted for about 35% of all OPEC revenues.

| Source: Rationalstat LLC Rationalstat LLC

Wilmington, Delaware, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Middle East Oil & Gas Market was valued at US$ 1,073.8 billion in 2023 and is expected to grow at a significant CAGR of over 3.9% over the forecast period of 2023-2030, according to the latest market report by RationalStat

Market Definition, Market Scope, and Report Overview

The Middle East has some of the world's most extensive proven oil and gas reserves. Countries with large amounts of hydrocarbons, such as Saudi Arabia, Iran, Iraq, and the UAE, are significant players in the global energy industry. As the world's energy demand rises, particularly in rising nations, the Middle East plays an important role in meeting this demand. Globally, oil and gas from the region power numerous sectors such as transportation, manufacturing, and energy generation.

Despite efforts in some Middle Eastern countries to shift to renewable energy sources and diversify economies, the region's oil and gas market continues to drive due to huge reserves, global demand, strategic position, and continued investments in the energy sector.

  • According to a deep-dive market assessment by RationalStat, the Middle East oil & gas market has been analyzed on the basis of market segments, including type, drilling type, product type, and application and geography/regions (including GCC, Iran, Iraq, Turkey, Rest of the Middle East). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
  • Market intelligence for the Middle East oil & gas market covers market sizes on the basis of market value (US$/EUR Million) and volume (Liters/Tons) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
  • In addition, the long-term sector and products/services 10-year outlook and its implications on the Middle East oil & gas market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Middle East Oil & Gas Market: Segmental and Market Share Analysis

  • On the basis of activity, the midstream segment is likely to account for a sizable portion of the industry. The demand for natural gas in the Middle East and other countries is increasing. Most countries aim to reduce carbon emissions in order to improve environmental air quality, which has increased natural gas usage in several end-user categories.
  • On the basis of product type, the crude oil segment now dominates the market and will continue to do so during the forecast period. Because it is a diverse energy source and valuable commodity for a variety of industries.


Report Synopsis

Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 1,073.8 billion
Market Size Forecast US$ 1,405.7 billion
Growth Rate 3.9%
Key Market Drivers
  • Increasing energy demand
  • Growing investment in upstream and downstream sectors
  • Growing domestic demand
  • Increasing investment in advanced technologies
 
Companies Profiled
  • 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

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Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Middle East oil & gas market include,

  • In October 2023, OPEC member, Iraq, intends to purchase massive oil tankers to increase its shipping fleet as part of its post-war efforts to strengthen its hydrocarbon sector.
  • In October 2023 Dragon Oil Holdings, based in Dubai, intends to increase oil output by roughly 120,000 barrels per day (bpd) through additions to its businesses in Iraq and Turkmenistan.

Some of the prominent players and suppliers operating and contributing significantly to the Middle East oil & 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, and Schlumberger, among others.

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RationalStat has segmented the Middle East oil & gas market based on type, drilling type, product type, and application and region

  • Middle East Oil & Gas Market Value (US$ Million), Volume (Liters/Tons), and Market Share (2019-2030) Analysis by Type
    • Oil and Gas Upstream Activities
    • Oil Downstream Products
  • Middle East Oil & Gas Market Value (US$ Million), Volume (Liters/Tons), and Market Share (2019-2030) Analysis by Drilling Type
    • Onshore
    • Offshore
  • Middle East Oil & Gas Market Value (US$ Million), Volume (Liters/Tons), and Market Share (2019-2030) Analysis by Product Type
    • Crude Oil
    • Petroleum Products
    • Natural Gas
  • Middle East Oil & Gas Market Value (US$ Million), Volume (Liters/Tons), and Market Share (2019-2030) Analysis by Application
    • Residential
    • Commercial
    • Industrial
    • Infrastructure
  • Middle East Oil & Gas Market Value (US$ Million), Volume (Liters/Tons), and Market Share (2019-2030) Analysis by Region
    • Middle East Oil & Gas Market
      • GCC
      • Iran
      • Iraq
      • Turkey
      • Rest of the Middle East

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Key Questions Answered in the Oil & Gas Report:

  • What will be the market value of the Middle East oil & gas market by 2030?
  • What is the market size of the Middle East oil & gas market?
  • What are the market drivers of the Middle East oil & gas market?
  • What are the key trends in the Middle East oil & gas market?
  • Which is the leading region in the Middle East oil & gas market?
  • What are the major companies operating in the Middle East oil & gas market?
  • What are the market shares by key segments in the Middle East oil & gas market?  

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Research Methodology

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, forecasts, 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.

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About RationalStat LLC                    

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

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