OPEC agreed to cut crude output to reduce the world’s excess supply of crude oil

Recovery in crude oil would make shale gas production viable and will surge the demand for industrial valve in oil & gas sector

Algeria: In a six-hour meeting held at Algiers, Algeria members of the Organization of Petroleum Exporting Countries agreed that they need to cut crude output to reduce the world’s excess supply. A committee would be formed to determine how much each country would have to cut. Oil prices fell below USD30 a barrel this year for the first time in over a decade and have remained stuck between USD40 and USD50 for months. Though that has resulted in cheap energy costs for consumers but has also led to thousands of layoffs in the petroleum industry. There is a strong need to rebuild credibility in the oil market. The group proposed cutting its collective output to between 32.5 million barrels a day and 33 million barrels. To finalize the action, plan the delegation will be next meeting in Vienna during the month of November.

TechSci Research depicts recovering oil prices, increasing exploration & production activities and rising investments in oil refining are some of the other major factors anticipated to propel global industrial valves market over the next five years. Oil & Gas sector dominated global industrial valves market in 2015. Global oil & gas companies are continuously exploring deep sea beds. The days of so-called "easy oil" are over, making it harder to meet demand without complicated and expensive projects.

According to released report of TechSci Research “Global Industrial Valves Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2011 – 2021”, global industrial valves market is projected to cross $78 billion by 2021. In 2015, Asia-Pacific was the largest demand generator of industrial valves, followed by Europe, North America, Middle East & Africa and South America.