Dallas, Texas (PRWEB) February 28, 2014
This report is the result of an extensive survey drawn from researcher exclusive panel of leading global oil and gas industry executives. The report analyzes current economic conditions prevailing across the globe and their impact on the oil and gas industry, and forecasts company and industry growth prospects over the next six months. Furthermore, it provides information about the impact of customer confidence, supplier prices, staff headcount, and procurement budget and expenditure likely to affect the investment decisions of the industry over the next six months. Additionally, this report tracks the change in executives' perceptions during the last three months, by providing a comparative analysis of survey results with the previous quarter.
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- Of respondents, 64% anticipate a positive change in the global economic outlook over the next six months. In comparison to the previous quarter, the percentage of respondents who expect a positive change has increased slightly.
- Oil and gas industry executives plan to increase investments in the areas of IT and research and analysis in the next six months.
- Oil and gas executives from North America anticipate the highest increase in both staff head count and sales, at an average of 4% and 6.2% respectively, over the next six months. Executives from the Rest of the World expect the smallest increase in staff head count and sales at an average of 2.6% and 3.5% respectively, in the next six months.
- Companies plan to spend more on services, and equipment and machinery in 2014, with the highest spend of the services budget going towards construction and engineering services, and consulting and training services.
- Executives operating across the globe consider 'increasing sales', 'improving operational efficiency', 'protecting and growing market share', and 'customer retention' as key priorities over the next six months.
"Oil and gas Business Confidence Report Q1 2014" is a new report by Kable that analyzes oil and gas industry executives' views on the global economy, expectations on customer confidence, supplier prices, key business concerns, and how executives' future investments are set to change in Q1 2014. This report also gives you access to regional analysis of industry outlook, industry and company growth prospects, future opportunities, staff hiring, sales performance, and procurement budget allocation, and expenditure outlook. Apart from providing access to the opinions and strategies of global oil and gas industry executives, it also examines their actions surrounding business priorities, threats and opportunities, and future investment areas over the next six months. Moreover, this report provides a comparative analysis of survey results with Q4 2013 wherever applicable.
What is the current market landscape and what is changing?
Overall, 69% and 65% of global oil and gas industry executives are optimistic about the future growth prospects of both their company and the industry, respectively, over the next six months. Optimism towards both company and industry growth prospects has reduced in Q1 2014, compared to Q4 2013 results.
What are the key drivers behind recent market changes?
Optimism towards industry and company growth has reduced due to factors such as continuation of the Euro-zone crisis, rising exploration costs, new competition, and lack of political stability or social unrest in areas of operation.
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