The world oil and gas industry will continue to grow steadily in 2018, with demand growth expected to rise slightly to around xx.x million barrels a day while gas demand is expected to grow faster. Gas demand is predicted to grow at an average annual rate of 2.1% per year in the period 2018-2020. World oil supplies have increased by nearly 1.5 million barrels per day to about xx million barrels a day in the first quarter of 2018. The Middle East is the main global oil supplier, accounting for 34.5% of total production. Oil prices in the first quarter of 2018 continued to show positive growth of about xx.x USD/barrel, up 24% over last year. In 2016, global natural gas production reached 3,552 trillion cubic meters, up 0.6 percent from 2015-the lowest growth since 2009 up to now.
Vietnam Oil And Gas Industry is still relatively young and has just begun to receive proper attention from the Government. Vietnam oil and gas industry is still putting the main export exploitation as the key role so it depends heavily on world oil price. The oil and gas industry includes many stages, not only explored and exploited, but also processed from crude oil into refined oil. As usual, the oil industry is divided into three types of activities known as the upstream, midstream, and downstream.
In the first quarter of 2018, the oil and gas industry exploited nearly x.xx million tons of oil, down 8.57% over the same period. The natural gas output reached x,xxx m3, up 6.15% compared to the same period of 2017. According to preliminary data from the General Department of Customs, in the first quarter of 2018, crude oil exports reached x.xx million tons, export turnover reached x.xx billion USD, decreasing by 19.3% over the same period of 2016. Vietnam’s crude oil imports are estimated at xxx.x thousand tons with the value of about xx.x million USD, increasing by 14% in volume and 29.6% in value over the same period in 2017. In terms of gas, Vietnam exported USD xx.x million, up 1.97% but imports up to xxx.x million, up 39% against same period.
In 2016, the group of oil and gas enterprises had negative growth in net sales compared to 2015. The reason is that the domestic oil and gas industry was strongly affected by the world oil and gas market; In particular, world oil prices fell sharply and remained low. In the coming time, cutting crude oil production by OPEC leads to the upward trend in crude oil prices. That will have a strong impact on the domestic petroleum market; in which, the oil and gas exploitation of Vietnam is evaluated to be stable again.
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Ankur Gupta, Head Marketing & Communications