Global oil and gas industry-related net income 2022-2030, by country and scenario
The average annual net income from the oil and gas industry worldwide is projected to decrease in the coming years. For instance, Saudi Arabia's oil and gas industry generated a net income of 347 billion U.S. dollars in 2022, but this figure is expected to decline by some 19 percent under a stated policies (STEP) scenario, and up to 47 percent under a net-zero (NZE) scenario. The STEP scenario is based on current policies both already in place and under development while the NZE scenario assumes that the global energy sector will achieve net zero CO₂ emissions by 2050. Saudi Arabia is currently the second-largest crude oil producer worldwide, only behind the United States.
