Tuesday, March 18, 2014

2014 Global Oil Exploration and Production Spending

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.

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