LONDON, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Thanks to a cutback in oil production set against a backdrop of global economic growth, the energy sector has experienced somewhat of a recovery over the past year. Indeed, if 2016 was the year of difficult decisions, 2017 was the gradual road back.
In light of this pivotal year, World Finance magazine recognises some of the industry’s most prominent players in the latest edition of its annual line-up, the World Finance Oil and Gas Awards 2017.
The move made by OPEC last January marked its most drastic since the 2008 financial crisis. And although nations failed to meet the cutback targets consistently, prices have indeed recovered. This is thanks not only to oil-producing giant Saudi Arabia, but also due to the efforts of smaller producers, including Qatar and Brunei.
October was a particularly successful month, as for the first time in 2017, both OPEC members and non-members stuck to their reduction commitments in unison. Consequently, in December, Brent crude oil prices surged to over $65 per barrel – their highest level since mid-2015.
The global gas market meanwhile has performed well in 2017, with demand expected to increase annually by some 1.6 percent for the next five years.
While a better balance of supply and demand within the global market has seen prices rebound, challenges remain. In addition to regular price fluctuations, there is the growing force of renewable energy, and significantly, a global automobile industry that has embarked upon a historic transformation.
Accordingly, the landscape for industry players continues to be rocky. And yet, there are those that continue to adapt and evolve as necessary. They do so with a robust growth strategy, forward-thinking approach and some of the best talent in the industry, which is why we recognise them in the World Finance Oil and Gas Awards 2017.
To see the full list of this year’s winners, pick up the latest issue of World Finance, available in print, on tablet and online now.
World News Media is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.
CONTACT INFORMATION
World News Media
Elizabeth Matsangou
Editorial Department
+44 (0)20 7553 4162
elizabeth.matsangou@wnmedia.com