SEATTLE (Oil Monster): According to an exclusive market report, the global oil and gas market is projected to grow at a CAGR of 3.72% over the ten-year period from 2025 to 2034. The market, which was valued at $6.10 trillion in 2024, grew to $6.33 trillion in 2025. It is expected to hit around $8.79 trillion by 2034, the report said.
According to the study report published by Towards Chemical and Materials, the market volume totalled 239.43 billion barrels of oils equivalent in 2024. It grew to 243.06 billion barrels of oils equivalent in 2025 and is anticipated to reach around 278.34 billion barrels of oils equivalent by the end of the forecast period.
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The projected market expansion is mainly driven by growing energy demand in emerging markets and ongoing investments in upstream and downstream infrastructure. The technical innovations are likely to boost productivity, which in turn will contribute to increased volumes.
The Asia-Pacific region dominated the global oil and gas market, accounting for the largest revenue share of over 37% in 2024. The region’s oil and gas market size is predicted to reach 94.77 billion barrels of oils equivalent by 2034, recording a CAGR of 0.71%. The report noted that the region’s market share stood at 88.92 billion barrels of oil equivalent in 2024. Meanwhile, the North American oil and gas market is projected to grow at the fastest CAGR of 26.12% over the forecast period.
