Contemporary Business Environment.

Contemporary Business
Environment

Table of Contents
INTRODUCTION................................................................................................................................3
TASK ..................................................................................................................................................3
Evaluate the UK Oil & Gas industry over the last ten years.......................................................3
1. How have average Crude Oil prices in the UK changed over the period from 2010 – 2020?3
2. What are the economic determinants of the changes outlined in your answer to Question 1?5
3. How has government action over the period 2010-2020 affected the UK market?................6
4. Present and Future effects of COVID-19 on the prices of Crude Oil....................................8
CONCLUSION..................................................................................................................................10
REFERENCES...................................................................................................................................11
Books & Journal:.......................................................................................................................11

INTRODUCTION
In business sector, market is changing with period of time. Business environment is defined
as process of combination procedure of both internal as well as external factors affecting the
organisational overall structure. UK oil and gas industry is wider and broader which produced over
1.45 billion BOE ( Barrel of Oil Equivalent) per day. This report comprises of interaction of internal
environment with external environment, market economy functions, economic environment, global
business environment & benefit and COVID 19 impact on UK Crude oil prices. They also focus on
offering fuel that helps in transportation as well as individual person around various part of globe.
They are also focuses on adopting large supply chain that helps in employment of ample of
individual person within business organisation. It will assists in enhancing contribution or efforts in
respect of economy in UK that is in terns of exports, higher improvement of technology and higher
revenue in term of tax (Barr, 2018). Moreover, the current scenario of spread virus of COVID-19
imposes direct impact on industries of globe and specifically improved nations have hit precise
tough.
TASK
Evaluate the UK Oil & Gas industry over the last ten years
Oil and Gas industry in UK has changed periodically. With its extensive and complex
supply chain, it has been able to provide its services at different locations. This industry is changing
with changing market situation & environment. In relevance with contemporary business
environment, changes in market has increased the issues for business sector. Also, it is necessary to
be aware about external as well as internal factors which affect the business at depth. By focusing
on internal & external environment, it is easy to make decisions within the business in proper
manner (Ștefănescu, 2018).
1. How have average Crude Oil prices in the UK changed over the period from 2010 – 2020?

Cruide Oil is most important natural product which is have higher demand in many
countries. The main reason is that it is used for many purposes and have wider applications such as
it is used in organic materials, hydrocarbon deposits etc. A crude oil can be used for producing
usable products like fuel, diesel, etc. From the above displayed graph, it depicts the changing
prices of crude oil from year 2010 to 2020. The baseline is showing an alternative price change
which occurs within those years (LaMaster, 2016). Also, BOE is been also shown on x axis. So, it
has been examined that it in mid of 2015,the prices of oil had been drastically decreased. This is
mainly because of change in technology, external factors like political economic, social & then
internal elements such as strength & weakness of business, threats from competitors has affected
the price of cruIde oil at deeper analysis. Moreover, with combined effect of supply-demand side
elements business has been affected a lot. As a largest producer of petroleum, they started export &
produces cruIde oil from the year 2005. By analysing the baseline which shows growth economy of
UK shows that reduction in prices of oil as well as gas industry will have deep impact on
development of country & economy. There has been a drastically changes & revolution of cruIde
oil between 2010 -2020. In UK, most of cruide oil is being extracted from UKCS (The North Sea
Continental Shelf) (Haque,2020). Over the half decade, oil & gas production is declining at annual
average rate of 6 %. Country does both import & export of cruide oil.
This is essential for oil & gas industry to focus on prices of oil because low prices leads to
less benefit from business activities such as airline industries. Higher prices will leads to growth as
well as development at larger extent. Thus, it is necessary for them to analyse changes over stated
period so that future analysis is determined in correct way.