Oil and gas production and oil refining sector
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About the industry
As one of the world’s primary fuel sources, the oil and gas industry has shaped the global economy for decades. The industry has helped transform mobility, transport, electricity provision, heating, cooling, and cooking. In addition to powering our economies, oil and gas is the base ingredient in thousands of manufactured products that businesses and consumers use every day.In 2020, the oil industry alone accounted for 3 per cent of global domestic product and trade in crude oil valued at 640 billion USD, making it one of the world’s most traded commodities. The industry is highly capital-intensive, attracting more than 511 billion USD in investments in 2020.
In 2019, the oil and gas industry directly employed 11.9 million people. However, the impact on employment is expected to be much higher than this through the creation of indirect and induced employment and business opportunities for small and medium-sized enterprises.