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The Importance of the World Oil and Gas Industry in The Economy of Countries
Corresponding Author(s) : Salomova Sarvinoz Salimovna
American Journal of Economics and Business Management,
Vol. 7 No. 12 (2024): December
Abstract
The oil and gas industry is a cornerstone of the global economy, driving energy production, industrial development, and international trade. This study explores the industry’s critical role in economic growth, its production trends, resource reserves, and challenges. The research methodology includes a review of foreign literature and an analysis of official statistical data through comparative and logical reasoning techniques. Results highlight the significant contributions of oil and gas to energy generation, the chemical industry, and economic stability, with over 50% of global energy needs met by these resources. However, challenges such as environmental impacts, finite reserves, and competition from renewable energy sources pose risks to sustainability. Innovative technologies, environmental reforms, and strategic geopolitical actions are identified as solutions to ensure the industry’s future. This study underscores the need for global collaboration and innovation to balance resource utilization with environmental stewardship. The article investigates the oil and gas industry, which is considered one of the priority sectors for the country's economy, its problems, innovations, production trends, resource reserves, etc. In particular, the role of the oil and gas industry in the economies of countries, the economic potential and the process of increasing the efficiency of resource use are analyzed.
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- https://www.bp.com/ rasmiy veb-sayti .BP Statistical Review of World Energy 2023 .
- https://www.shell.com/ Shell Annual Report and Accounts 2021 – Shell about the company's financial performance and overall contribution to the industry.
- https://www.statista.com/ Statista Energy Reports 2023 – Information about oil and gas markets and trends around the world.
- EIA veb-sayti– Statistics on the oil and gas industry in the United States, including shale gas production.
- https://www.eia.gov/ .– Trends and forecasts from the world's energy industry by the International Energy Agency.
- https://www.opec.org/opec_web/en/ . Information on oil production, exports and distribution by country.
- Alisherovna M. K. Stimulation of attracting foreign direct investments //TRANS Asian Journal of Marketing & Management Research. – 2023. – Т. 12. – №. 2and3. – С. 1-5.
- Mukhitdinova K., Tarakhtieva G. Ensuring sustainable future: The interconnectedness of food safety and environmental health //E3S Web of Conferences. – EDP Sciences, 2024. – Т. 497. – С. 03037.
- Arscott L. Sustainable development in the oil and gas industry //SPE Health, Safety, Security, Environment, & Social Responsibility Conference-North America. – SPE, 2003. – С. SPE-83062-MS.
- Mukhitdinova K. Increasing the Efficiency of Investment Activities of Automotive Enterprises //International Finance and Accounting. – 2022. – Т. 2022. – №. 1. – С. 20.
- Salimovna S. S. PRODUCTION OPTIMIZATION THROUGH INFORMATION COMMUNICATION TECHNOLOGIES AND INDUSTRY 4.0 CONCEPT //GWALIOR MANAGEMENT ACADEMY. – С. 111.
- Anis M. D., Siddiqui T. Z. Issues impacting sustainability in the oil and gas industry //J. Mgmt. & Sustainability. – 2015. – Т. 5. – С. 115.
- Salimovna S. S. ENERGETIKA KORXONALARI FAOLIYATINI SAMARADORLIGINI TA’MINLASH //Scientific Journal of Actuarial Finance and Accounting. – 2024. – Т. 4. – №. Maxsus son. – С. 211-215.
- Саломова С. ЎЗБЕКИСТОН РЕСПУБЛИКАСИДА ИНТЕЛЛЕКТУАЛ ПЛАТФОРМАЛАРДАН ФОЙДАЛАНИШ ЙЎЛЛАРИ: https://doi. org/10.55439/ECED/vol23_iss3/a32 //Iqtisodiyot va taʼlim. – 2022. – Т. 23. – №. 3. – С. 214-219.
- Filimonova I. V. et al. Impact of the oil and gas industry on the economy of producing countries. – 2020.
- T. V Dobysheva, “The importance of the feasibility study of investments in the development of the Russian oil and gas industry,” IOP Conf Ser Mater Sci Eng, vol. 880, no. 1, 2020, doi: 10.1088/1757-899X/880/1/012108.
- O. Bell, “An investigation into the quantitative importance of oil price on aggregate economic activity in the UK,” Progress in Economics Research, vol. 50, pp. 1–46, 2023, [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85152542182&origin=inward
- D. P. Dash, “Oil Consumption–pollution Dynamics in the Asia-Pacific Region: The Importance of Institutional Factors,” Energy Research Letters, vol. 3, no. 1, 2022, doi: 10.46557/001c.30058.
- T. V Dobysheva, “The importance of the feasibility study of investments in the development of the Russian oil and gas industry,” IOP Conf Ser Mater Sci Eng, vol. 880, no. 1, 2020, doi: 10.1088/1757-899X/880/1/012108.
- M. A. Nasir, “Importance of oil shocks and the GCC macroeconomy: A structural VAR analysis,” Resources Policy, vol. 61, pp. 166–179, 2019, doi: 10.1016/j.resourpol.2019.01.019
References
https://www.bp.com/ rasmiy veb-sayti .BP Statistical Review of World Energy 2023 .
https://www.shell.com/ Shell Annual Report and Accounts 2021 – Shell about the company's financial performance and overall contribution to the industry.
https://www.statista.com/ Statista Energy Reports 2023 – Information about oil and gas markets and trends around the world.
EIA veb-sayti– Statistics on the oil and gas industry in the United States, including shale gas production.
https://www.eia.gov/ .– Trends and forecasts from the world's energy industry by the International Energy Agency.
https://www.opec.org/opec_web/en/ . Information on oil production, exports and distribution by country.
Alisherovna M. K. Stimulation of attracting foreign direct investments //TRANS Asian Journal of Marketing & Management Research. – 2023. – Т. 12. – №. 2and3. – С. 1-5.
Mukhitdinova K., Tarakhtieva G. Ensuring sustainable future: The interconnectedness of food safety and environmental health //E3S Web of Conferences. – EDP Sciences, 2024. – Т. 497. – С. 03037.
Arscott L. Sustainable development in the oil and gas industry //SPE Health, Safety, Security, Environment, & Social Responsibility Conference-North America. – SPE, 2003. – С. SPE-83062-MS.
Mukhitdinova K. Increasing the Efficiency of Investment Activities of Automotive Enterprises //International Finance and Accounting. – 2022. – Т. 2022. – №. 1. – С. 20.
Salimovna S. S. PRODUCTION OPTIMIZATION THROUGH INFORMATION COMMUNICATION TECHNOLOGIES AND INDUSTRY 4.0 CONCEPT //GWALIOR MANAGEMENT ACADEMY. – С. 111.
Anis M. D., Siddiqui T. Z. Issues impacting sustainability in the oil and gas industry //J. Mgmt. & Sustainability. – 2015. – Т. 5. – С. 115.
Salimovna S. S. ENERGETIKA KORXONALARI FAOLIYATINI SAMARADORLIGINI TA’MINLASH //Scientific Journal of Actuarial Finance and Accounting. – 2024. – Т. 4. – №. Maxsus son. – С. 211-215.
Саломова С. ЎЗБЕКИСТОН РЕСПУБЛИКАСИДА ИНТЕЛЛЕКТУАЛ ПЛАТФОРМАЛАРДАН ФОЙДАЛАНИШ ЙЎЛЛАРИ: https://doi. org/10.55439/ECED/vol23_iss3/a32 //Iqtisodiyot va taʼlim. – 2022. – Т. 23. – №. 3. – С. 214-219.
Filimonova I. V. et al. Impact of the oil and gas industry on the economy of producing countries. – 2020.
T. V Dobysheva, “The importance of the feasibility study of investments in the development of the Russian oil and gas industry,” IOP Conf Ser Mater Sci Eng, vol. 880, no. 1, 2020, doi: 10.1088/1757-899X/880/1/012108.
O. Bell, “An investigation into the quantitative importance of oil price on aggregate economic activity in the UK,” Progress in Economics Research, vol. 50, pp. 1–46, 2023, [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85152542182&origin=inward
D. P. Dash, “Oil Consumption–pollution Dynamics in the Asia-Pacific Region: The Importance of Institutional Factors,” Energy Research Letters, vol. 3, no. 1, 2022, doi: 10.46557/001c.30058.
T. V Dobysheva, “The importance of the feasibility study of investments in the development of the Russian oil and gas industry,” IOP Conf Ser Mater Sci Eng, vol. 880, no. 1, 2020, doi: 10.1088/1757-899X/880/1/012108.
M. A. Nasir, “Importance of oil shocks and the GCC macroeconomy: A structural VAR analysis,” Resources Policy, vol. 61, pp. 166–179, 2019, doi: 10.1016/j.resourpol.2019.01.019