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This question is about oil and gas industry statistics.
Is the oil and gas industry on a decline?
No, the oil and gas industry isn't on a decline. While global demand for crude oil dropped to 91 million barrels per day in 2020 from 99.7 million barrels per day in 2019, demand has increased since then and is expected to continue to do so.
In 2021, demand reached 96.5 million barrels per day, and by 2026, experts predict it will reach 104.1 million barrels per day.
At the same time, however, global crude oil and natural gas discoveries have declined in recent years, hitting the equivalent of 4.7 billion barrels of oil in 2021, down from the 12.5 billion barrels discovered in 2020.
It isn't unusual for this to ebb and flow, as each year since 2015 has seen alternating inclines and declines in discoveries. However, 2021 marked the second year of a decline.
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