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Accenture’s latest energy industry review examines key global trends affecting the sector.
Economic growth concerns resulting from the global recession continue to be key factors affecting oil demand, particularly in the Eurozone. There is also evidence that Chinese economic growth has slowed slightly. Hence, the oil demand outlook for the remainder of 2012 is less favourable than it was a quarter ago.
The growth of non-OPEC oil supply is having a key impact on global oil production. Regions such as the Americas, including Brazil, the United States and Canada, are starting to bring on significant amounts of oil supply. Within OPEC, Saudi Arabia is bridging the supply gap in the market and Iraq is stepping up production to the extent that it is now the second largest OPEC producer, ahead of Iran.
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September 13, 2012
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