Market overview
The global oil and gas market is worth USD 3.3 tn in 2026 and is forecast to reach USD 3.8 tn by 2036, growing at a 1.5% CAGR. United States is the largest country market and Crude oil is the largest by product segment.
| Scope | Value of crude oil, condensate and natural gas produced and sold worldwide, counted at market prices for oil and at wholesale prices for gas. |
|---|---|
| Industry | Oil and Gas |
| Value 2025 | USD 3.2 tn |
| Value 2026 | USD 3.3 tn |
| Value 2036 | USD 3.8 tn |
| CAGR 2026-2036 | 1.5% |
| Volume 2026 | 62,123 million barrels of oil equivalent |
| Volume 2036 | 66,574 million barrels of oil equivalent |
| Average price 2026 | USD 52.8 per barrels of oil equivalent |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Oil and Gas market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 3,282 bn |
| 2027 | USD 3,332 bn |
| 2028 | USD 3,382 bn |
| 2029 | USD 3,432 bn |
| 2030 | USD 3,484 bn |
| 2031 | USD 3,536 bn |
| 2032 | USD 3,589 bn |
| 2033 | USD 3,643 bn |
| 2034 | USD 3,698 bn |
| 2035 | USD 3,753 bn |
| 2036 | USD 3,809 bn |
Oil and Gas market segmentation
By product
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Crude oil | 66.0% | 62.8% | USD 2.2 tn | 1.0% |
| Condensate and natural gas liquids | 10.0% | 10.2% | USD 328 bn | 1.7% |
| Natural gas | 24.0% | 27.0% | USD 788 bn | 2.7% |
By production setting
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Onshore conventional | 42.0% | 39.3% | USD 1.4 tn | 0.8% |
| Offshore | 28.0% | 29.5% | USD 919 bn | 2.0% |
| Shale and tight oil and gas | 22.0% | 23.2% | USD 722 bn | 2.0% |
| Oil sands and heavy oil | 8.0% | 8.0% | USD 263 bn | 1.5% |
By end use
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Transport fuels | 52.0% | 47.5% | USD 1.7 tn | 0.6% |
| Power generation | 19.0% | 23.4% | USD 624 bn | 3.6% |
| Industrial and petrochemical feed | 17.0% | 18.1% | USD 558 bn | 2.1% |
| Residential and commercial | 12.0% | 11.0% | USD 394 bn | 0.6% |
By ownership
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| National oil companies | 54.0% | 54.2% | USD 1.8 tn | 1.5% |
| International oil companies | 26.0% | 22.5% | USD 853 bn | 0.04% |
| Independents | 20.0% | 23.3% | USD 656 bn | 3.1% |
By cost tier
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Low cost (under USD 20 per barrel) | 28.0% | 32.4% | USD 919 bn | 3.0% |
| Mid cost (USD 20 to 40 per barrel) | 42.0% | 41.9% | USD 1.4 tn | 1.5% |
| High cost (above USD 40 per barrel) | 30.0% | 25.7% | USD 985 bn | -0.06% |
Top 25 countries for oil and gas by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 61.6% of 2026 revenue and the 25 countries below together hold 90.0%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | United States | USD 689 bn | 21.0% | USD 785 bn | 1.3% |
| 2 | China | USD 460 bn | 14.0% | USD 560 bn | 2.0% |
| 3 | India | USD 197 bn | 6.0% | USD 278 bn | 3.5% |
| 4 | Russia | USD 115 bn | 3.5% | USD 126 bn | 0.9% |
| 5 | Japan | USD 115 bn | 3.5% | USD 110 bn | -0.4% |
| 6 | Saudi Arabia | USD 98.5 bn | 3.0% | USD 118 bn | 1.8% |
| 7 | Germany | USD 91.9 bn | 2.8% | USD 87.6 bn | -0.5% |
| 8 | Brazil | USD 91.9 bn | 2.8% | USD 110 bn | 1.9% |
| 9 | Canada | USD 85.3 bn | 2.6% | USD 91.4 bn | 0.7% |
| 10 | South Korea | USD 78.8 bn | 2.4% | USD 83.8 bn | 0.6% |
| 11 | Iraq | USD 76.5 bn | 2.3% | USD 182 bn | 9.1% |
| 12 | Iran | USD 76.5 bn | 2.3% | USD 124 bn | 5.0% |
| 13 | United Arab Emirates | USD 76.5 bn | 2.3% | USD 99.4 bn | 2.7% |
| 14 | Norway | USD 76.5 bn | 2.3% | USD 85.0 bn | 1.1% |
| 15 | Mexico | USD 76.5 bn | 2.3% | USD 75.0 bn | -0.2% |
| 16 | Indonesia | USD 72.2 bn | 2.2% | USD 67.8 bn | -0.6% |
| 17 | Kuwait | USD 66.3 bn | 2.0% | USD 62.5 bn | -0.6% |
| 18 | Qatar | USD 61.7 bn | 1.9% | USD 57.9 bn | -0.6% |
| 19 | Nigeria | USD 57.8 bn | 1.8% | USD 54.5 bn | -0.6% |
| 20 | Algeria | USD 54.5 bn | 1.7% | USD 51.4 bn | -0.6% |
| 21 | Kazakhstan | USD 51.9 bn | 1.6% | USD 48.8 bn | -0.6% |
| 22 | United Kingdom | USD 49.6 bn | 1.5% | USD 46.5 bn | -0.6% |
| 23 | Argentina | USD 47.3 bn | 1.4% | USD 44.6 bn | -0.6% |
| 24 | Australia | USD 45.3 bn | 1.4% | USD 42.7 bn | -0.6% |
| 25 | Egypt | USD 43.7 bn | 1.3% | USD 41.1 bn | -0.6% |
| Rest of world | USD 328 bn | 10.0% | USD 376 bn | 1.4% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Saudi Aramco
- ExxonMobil
- Shell
- Chevron
- TotalEnergies
- BP
- PetroChina
- Gazprom
Group 2: Regional and specialist players
- ADNOC
- Petrobras
- Equinor
- Eni
- ConocoPhillips
- Petronas
- QatarEnergy
- CNOOC
- Sonatrach
- Lukoil
Group 3: Emerging and niche players
- Woodside Energy
- Santos
- Vår Energi
- Harbour Energy
- Aker BP
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the oil and gas market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 1.5% is calculated from the resulting values.
The market is divided by product, by production setting, by end use, by ownership, by cost tier. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the oil and gas market?
The global oil and gas market is estimated at USD 3.2 tn in 2025 and USD 3.3 tn in 2026.
How fast will the oil and gas market grow?
It is forecast to reach USD 3.8 tn by 2036, a compound annual growth rate of 1.5% from 2026, an increase of USD 527 bn.
Which country is the largest market for oil and gas?
United States is the largest market by revenue at USD 689 bn in 2026, 21.0% of the global total. The three largest countries together hold 41.0%.
Which country is growing fastest?
Among the ten largest markets, India is growing fastest at 3.5% a year from 2026 to 2036.
Which oil and gas segment is largest?
In the by product split, Crude oil is the largest segment with 66.0% of 2026 revenue.
Who are the leading oil and gas companies?
Global leaders include Saudi Aramco, ExxonMobil, Shell, Chevron.
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