Oil & gas sector tops Forbes 2019 list of world’s largest firms in revenue generation

New Jersey (USA), August 21 - Neftegaz.RU. Oil and gas edged past technology and communication to emerge as the top sector in the Forbes 2019 list of world’s largest public companies with a 16.2% year-on-year (YoY) growth in revenue generation, according to GlobalData.

Parth Vala, Company Profiles Analyst at GlobalData, says: “The Declaration of Cooperation between OPEC member countries and 11 non-OPEC oil producing countries on 30 November 2017 for voluntary production adjustments to about 1.8 million barrels per day during 2018 had a positive impact on the oil and gas sector.”

Oil and gas was the major gainer with a profit growth rate of 36.3%, followed by technology and communication (19.8%), metals and mining (13.6%).

In terms of geographical spread, the Asia-Pacific region continued to dominate the Forbes Global 2000 with 790 companies including China (251) and Japan (223); followed by North America (631) including the US (575); Europe (457); the Middle East and Africa (67); and South and Central America (55).

The Middle East and Africa reported highest profit growth of 60.4% on the back of strong performance of the oil and gas sector, followed by South and Central America (47.1%).