The collapse in demand due to Covid-19 restrictions on travel and the global decline in economic activity had a significant impact on the oil and gas industry. However, according to the Oil and Gas Global Market Report 2021: Covid 19 Impact and Recovery to 2030, the global oil and gas market is expected to grow from $4677.45 billion in 2020 to $5870.13 billion in 2021 at a compound annual growth rate (CAGR) of 25.5 per cent. This growth is mainly due to companies rearranging their operations and recovering from the Covid-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted
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