The oil and gas industry recovered strongly in 2021 after recording an all-time low in 2020 due to the COVID-19 pandemic. Oil prices in 2021 increased by 70.5% and reached a yearly average of $67.7 per barrel. Amid the geopolitical chaos and Russo-Ukrainian, the oil price rose to $117 per barrel in Q1 2022. Despite the better-than-expected recovery in the oil and gas industry, uncertainty still looms due to changes in market dynamics in the coming years. This outlook study addresses the global market dynamics and implications in regional hot spots. As we move toward the second half of 2022, we observe that oil and gas companies are very disciplined with their capital spending, focusing more on their financial health, investing in more sustainable businesses, and committing toward climate change and transforming their business models. We have identified 5 major trends representing key pillars for growth within the oil and gas industry in the medium to long term.
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