Although many professionals seeing success in the oil, gas and petrochemical (OGP) industry may be optimistic about where the market is heading in 2019, several market research organizations warn about a supply crunch that may burst this bubble. The numbers reveal that unless companies in the industry start making smarter investments and stick to real change management strategies, they might not be able satisfy the global demand. Where does the US stand in this time of change, and what can other stakeholders expect from what lies ahead? And when sustainability and geopolitics arrive on the scene, what is the future of the oil and gas industry?

Take a look at these top takeaways for insight into 2019’s near oil industry future and a quick oil and gas industry future outlook.

The Future of Oil and Gas Industry

The global oil market is undergoing great change, but the United States is at the forefront of this activity as it expands supply, increases exports and moves toward petrochemicals. The International Energy Agency paints a positive picture of the US’s position in the global oil trade in two of its recent oil market reports but warns that more investment is needed from players around the world in order to satisfy demand and ensure spare production capacity.¹

Here are more oil industry projections from one IEA report:²

• Global refining throughput has grown with China accounting for more than 90% of the increase
• OECD commercial oil stocks rose to their highest level since November 2017
• Geopolitics and negative economic sentiments add complications to the global oil market
• In 2021, the US will become a net oil exporter on an annual average basis
• US seaborne oil trade will move into surplus with net exports rising
• Greater US capabilities bring greater choice for consumers and secure supply

  Another recent report from PwC offers additional insights on the long-term oil industry future:³

• Investors are pressuring oil operators to adopt more profitable growth models
• As the world remains dependent on oil and gas, neglecting supply becomes a dangerous move
• Supply disruption and increased spending elsewhere reinforces the need for resource discovery

  Facing the Future

  Gas and oil companies must invest in smart change management strategies that take into account shifts in the global supply and demand, energy initiatives and other important factors. Face the future by keeping the long-term success of your company always in mind and by adapting some of these approaches as you plan for sustained growth:

• Practice capital discipline by aiming to reduce costs, standardize and collaborate
• Manage infrastructure and assets by investing in maintenance and repairs
• Leverage digital technology, such as digital twins, to drive innovation and efficiencies
• Prepare for a new wave of tech-focused talent and balance company needs
• Stay aware of shifting trends and new growth opportunities and segment avenues

Oil Wire & Cables

Industrial cables play a large role in the capabilities of today’s gas and oil companies, enabling successful oil drilling, extraction, production and refining and fueling many oil, gas and petrochemical applications. These durable cables transmit crucial data and information and meet the requirements of oil and gas environments while keeping operations safe.

The global cable market powering oil and gas has been affected by continued infrastructure improvements around the world, rising energy demand and upgrading economies, and the market will continue to grow alongside OGP needs.⁴

OmniCable offers a selection of high-quality, cost-effective cables and equipment, including:

• Armored Cables
• Cathodic Protection Cables (HMWPE)
• Critical Circuit Cables
• Ethernet Cables
• Fiber Optic Cables
• Instrumentation Cables
• Power Cables
• Tray Cables
• Variable Frequency Drive (VFD)