The demand for oil is still strong and the rise in prices is driving the supply chain where GBE is the technical reference partner
The global demand for energy is still increasing and oil will be essential in order to meet this demand. The latest World Energy Outlook of the International Energy Agency forecasts a 30% expansion in global energy requirement between 2016 and 2040, since the upturn in the demand from emerging markets should more than compensate for the expected downturn in advanced economies.
It could be argued that the growth of renewable energy will cover part of this supply shortage, but the gap in the consumption of renewable energy compared to oil needs is still significant.
On the one hand, the overall share of the latter in the energy market is falling whereas crude oil is still increasing if you look at the primary energy consumption for fuel.
Therefore, the long-term role of crude oil in the energy market should not be underestimated.
Oil prices have bounced rapidly back after the global financial crisis of 2008-9 and despite a volatile period, there were no major opportunities for operators in the sector up until 2017. The scenario, however, has changed over the last year. Oil prices had not gone over 70 dollars a barrel since 2014 and, towards the end of 2018, the threshold of 80 dollars a barrel was surpassed.
Thus, companies involved in the extraction and processing of crude oil that had continued to diligently invest, even during the recession, now find themselves in a good position, with demand still strong and oil prices on the rise once again.
In short, GBE got it right. We have been rewarded for the focus we placed on the opportunities in this sector, despite the critical situation that occurred after 2014. GBE is, in fact, a strategic partner for many industrial companies which supply services for the extraction, refining and transportation of oil and gas. Many of these are Italian and European, but since it is a global market, the plants where we have done business are situated all over the world. Russia, Kazakhstan, Ukraine, Norway, United Kingdom, England, Germany, Middle East, Algeria, Lebanon, Egypt and Argentina are just some of the countries where, in collaboration with our local partners, we have installed our customised transformers, both in resin and in oil and with considerable power.
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