The oil industry is the biggest market in the world. Its estimated value is $102,420,000,000,000 which is bigger than all metal industries combined.
Some analysts believe that the oil business has lost its relevance in the 21st century. However, according to studies done by the leading consulting companies, the demand for oil will grow until 2030 despite the investments in the development of electric vehicles and high-tech materials. This is mainly due to all the emerging Asian economies.
We would like to share some insights from the industry. Today readily retrievable oil reserves make up about 70% of oil production. By 2030, more than 90% of the market will be formed by extraction of hard-to-recover oil reserves.