The only Scottish winner in the innovation category was Aberdeenshire-based Zenith Oilfield Technology for developing well surveillance equipment which has contributed significantly to increasing oil production worldwide.

BBC: Queen's Awards celebrated by 13 Scottish businesses

Iraq's vast oil resources will contribute some cash, but not as much as the administration hoped: oil production and exports have been slowed by sabotage and antiquated equipment.

ECONOMIST: Iraq��s rising price tag

The study found that slightly more oil and gas equipment suppliers were expecting growth than exploration and production firms.

BBC: Bank study claims oil jobs bonanza

But Iranian oil production will decline as sanctions bite and the country loses access to equipment and expertise.

ECONOMIST: Gulf states not only pump oil; they burn it, too