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       According to Business Wire, the global oil and gas market is expected to grow from $4677.45 billion in 2020 to $5870.13 billion in 2021, with a compound annual growth rate of 25.5%.

      The growth was mainly due to the rearrangement of business by oil companies and their gradual recovery from the impact of the COVID-19. Previously, the epidemic led to the implementation of restrictive containment measures, including social distancing, remote work, and commercial activities, which posed operational challenges. It is expected that by 2025, the market size will reach 7425.02 billion US dollars, with a compound annual growth rate of 6%.

       Oil and gas are sold by entities (organizations, individual traders, or partnerships) engaged in the exploration, extraction, drilling, and refining of oil and gas and their derivatives. This market does not include petrochemical products. The oil and gas market is divided into upstream activities of oil and gas and downstream products of oil.

       The Asia Pacific region is the world's largest oil and gas market, accounting for 33% of the global oil and gas market in 2020. North America is the second largest region, accounting for 19% of the global oil and gas market. South America is the smallest region in the global oil and gas market.

      Big companies in the oil and gas industry are researching big data analysis and artificial intelligence (AI) to improve decision-making capabilities and thus increase profits. Companies in this industry collect a large amount of raw data related to refineries, pipelines, and other infrastructure through a large number of sensors placed on drilling platforms. By using big data analysis, patterns can be explored that can quickly respond to unnecessary changes or potential defects, thereby saving costs. Artificial intelligence can help make better drilling and operational decisions.

       Companies such as ExxonMobil and Shell have been increasing their investment in artificial intelligence technology to have centralized data management methods and support data integration across multiple applications.

       Fluctuations in oil prices may have a negative impact on the market, as significant declines and increases in oil prices can have a negative impact on government and consumer spending. The decline in oil prices has had a negative impact on government spending in countries mainly dependent on crude oil export revenue, such as Saudi Arabia, Nigeria, and the United Arab Emirates; The significant increase in oil prices has led to increased inflation, and major oil importing countries such as India will face current account and fiscal deficits.

     Due to a significant decline in oil export revenue, the Saudi government is expected to reduce spending, from 1.05 trillion riyals (280 billion US dollars) in 2019 to 1.02 trillion riyals (270 billion US dollars) in 2020, and to 955 billion riyals (255 billion US dollars) by 2022, thereby affecting the market. The high volatility of oil prices is expected to have a negative impact on the future of the market.

      From a historical perspective, the low interest rates in most developed countries have had a positive impact on the oil and gas industry. For example, in 2019, the European Central Bank (ECB) lowered bank deposit rates to -0.5% to encourage lending.

       This creates cheap capital for investment