Global oil exploration and production (E&P) spending is expected to reach $723 billion in 2014, according a Barclays report published in December 2013. Putting the 2013 number ($682 billion) in perspective of gross world product (GWP) means it would have accounted for 0.95% of gross world product (CIA data) for 2013.
Taking it one step further, using the IMF's estimated 2014 GWP growth rate of 3.7%, the estimated $723 billion in spending would account for 0.97% of 2014's GWP. The quick and dirty method may not be the best way to come to such a conclusion.
No comments:
Post a Comment