a End-of-year Trends in the Oil and Gas Industry
In 2022, the oil and gas (O&G) sector had record earnings, which gave them plenty of cash flow to support their goals in 2023. O&G businesses have also been given a clear directive to ensure supplies while transitioning to cleaner energy in the long term. The cost of oil and gas will decrease if more nations can produce alternative energy. The deterrent is the upfront cost. For nations that cannot afford or do not want to make the switch to renewable energy, the usage of fossil fuels will once again become more appealing. Although supply interruptions and price volatility are not new to the oil and gas sector, the current scenario is unique. The underinvestment problem has been worsened by a convergence of economic, geopolitical, trade, policy, and financial issues, which has led to a readjustment in the larger energy market.