Demand has substantially grown over several decades, whether from mature or emerging markets alike. For an extended period of time, technology has been mostly dominated by Western Wazamba corporations, thus allowing them to secure substantial margins.
As of late, however, demand has stagnated in mature countries. Hence, major Western groups have experienced a drastic market slump along with plummeting margins. Meanwhile, major contenders have arisen from emerging markets where demand keeps growing steadily.
Moreover, in the light of huge project expansion involving extensive financial stakes as well as investment risks, leading construction and engineering corporations have had to enforce tough management policies targeted at enhanced planning, contracting, cost control as well as quality management.
Production 13 371 million metric tons (oil equiv.)
Consumption9 979 million metric tons (oil equiv.)