Us Oil Industry Market Trends, Size, Competitive Analysis And Forecast - 2019-2025

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Us oil industry Market Trends, Size, Competitive Analysis and Forecast - 2019-2025

The US oil industry is facing steep downfall which is reflected by the declining commodity prices attributed to reduction in global demand of the different commodities as the novel corona virus has impacted the economic growth of the countries. The US government has been issuing directives related to travel restrictions and is asking people to stay at home to avoid the mass gatherings. Furthermore, the government of the country has also issued temporary closure of schools, universities, production facilities and offices, which in turn is making an adverse impact on the demand for crude oil. The corona virus has infected more than 3,80,600 people out of which 16,303 have lost their lives yet. The US is the highly affected country with this COVID-19 outbreak with more than 33,000 cases in the country. 

With the rising social awareness the country people are involving themselves in doing self-quarantining to restrict the spread of the virus but with it the halted transportation is lowering the global demand for oil. Further, in lieu of the outbreak of corona virus in the US, the country also bans airplane operations in most of the affected countries. Apart from travelling, due to the halt of several manufacturing industries in the country which are the end-user of the oil industry is further making a significant impact on the oil industry of the country. Thus, with the rising pressure of the work from home schedule and restricted travelling pattern the oil industry is highly deteriorating in the US.

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At this time of the crisis, Saudi Arabia, the major oil exporter across the globe has revealed its plans to increase the crude oil production to 12.3 million barrels per day in April, 2020 after the disagreement on the contract between the OPEC countries and Russia. Russia and Saudi Arabia’s combined decision to produce more volumes of the oil is further anticipated to lower the price of the crude oil from the current level of prices due to supply surplus of the crude oil. With this particularly the US shale-based oil and gas companies are finding it difficult to compete with the other oil producers for a prolonged period under this downfall market scenario.

A full report of Us oil industry Market is available at: https://www.omrglobal.com/industry-reports/us-oil-industry-market

Us oil industry Market Segmentation

By Drilling Method 

  • Onshore
  • Offshore

Companies Profile 

  • Anadarko Petroleum Corp.
  • Chevron Corp.
  • ConocoPhillips Corp.
  • Devon Energy Corp.
  • EOG Resources, Inc.
  • Hess Corp.
  • Marathon Oil Corp.
  • Occidental Petroleum Corp.
  • Pioneer Natural Resources Co.
  • Pioneer Natural Resources Corp.

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Keywords: size,share,industry growth,future prospects,opportunities,forecast 2019-2025

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