Oil and Gas Business Confidence Report Q3 2014 is the new report from Research and Experts that globally analyzes industry opinions on the latest economic and customer issues, and their impact on investment decisions and growth prospects within the oil and gas industry.
This report also examines executive opinion on the current and future state of the economy and its retrospective effect on the industry. We analyze the likely effect of supplier price changes, sales performance, and staff headcount within the industry over July–September 2014 and in addition, provide an overview of the key priorities, threats, and opportunities for the global oil and gas industry.
Survey results reveal that 46% of Oil and Gas industry executives consider the current economic conditions to be stable across the globe, while 30% communicated that the current economic conditions are favorable for Q3 2014. This indicates that the business environment of the global Oil and Gas industry is performing well and is consistent. Moreover, with proven strong reserves in the Middle East region, and constantly increasing oil prices due to rising demand across the globe, the Oil and Gas industry is forecast to be profitable in Q3 2014.
According to a press release in June 2014 by the World Bank about the global economic prospects, it is evident that economic recovery in developed countries such as the US is gaining momentum and is expected to grow by just under 2% in 2014, increasing to 2.4% in 2015.
Moreover, the global economy is expected to increase considerably in 2015 and 2016, with more contribution from developed economies. Evidencing the trend, in September 2014, German engineering company Siemens announced its intent to acquire oil equipment manufacturer Dresser-Rand, which is based in the US, for over US$7 billion. Siemens announced its plans to operate Dresser-Rand, which has manufacturing facilities in the US, the UK, France, Spain, Germany, Norway, India, and Brazil, as the company's core Oil and Gas business by retaining its brand name and the US headquarters.