Oil and Gas Industry Overview
Over the past few years, the prices of crude oil and natural gas have fluctuated fiercely despite steady growth in production, and this has caused excessive revenue changes in the oil and gas industry. Besides, shortage of petroleum and crude oil, increasing dependency on foreign countries, price hikes, inadequate oil refining capacity, and lack of market-determined pricing systems are increasing challenges for companies operating in the oil and gas industry. Consequently, oil and gas companies will need to remain vigilant to identify risks and uncertainties and embrace new opportunities for profitable growth.
The client is an oil and gas company based out of the United States.
Due to the shortage of petroleum and crude oil, the company had to depend too much on imported crude oil. However, this increased the demand-supply gap in the company. Also, the client wanted to expand the existing oil refineries and set up new refineries under the joint sector, owing to the shortage of oil refining capacity. As such, they wanted to thoroughly analyze the US oil and gas market landscape, identify competitors’ service offerings, and embrace profitable opportunities for growth. They approached the experts at Infiniti Research to leverage their expertise in offering market research solution.
Other major challenges that the client wanted to tackle by leveraging Infiniti’s market research solutions were:
- Reduce dependency on foreign countries for petroleum and crude oil
- Analyze changes in prices of oil and petroleum goods in the US
- Expand existing refineries
- Explore new reserves
- Devise a market-determined pricing system
The experts at Infiniti Research adopted a four-phased approach that involved:
Market intelligence engagement to analyze the current market landscape in the US oil and gas industry.
Market scanning and monitoring analysis to analyze the price fluctuations, emerging regulations, and pricing strategies in the US oil and gas industry.
Competitive intelligence engagement to analyze the strategies and business models of the top companies in the US oil and gas industry.
Demand management study to analyze the demand-supply patterns and identify supply chain complexities in the US oil and gas industry.
With the insights obtained from Infiniti’s market research solution, the client was able to thoroughly understand the US oil and gas industry landscape. With Infiniti’s demand forecasting analysis, the client was able to efficiently forecast the product demand and manage demand-supply gap. This helped them to utilize their production capacity fully.
Also, the client was able to identify foreign countries with the lowest export duties and meet its requirement of various drilling and refining machineries. Besides, by thoroughly understanding the factors impacting the oil prices in the US, they were able to adapt to price fluctuations and better compete in the market.
The experts also helped the client to identify profitable markets for expansion. This helped them to expand their existing refineries and set up new refineries under the joint sector. Within one year of leveraging our market research solution, the client was able to achieve savings in operating costs by 24%.