Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn, a Rystad Energy analysis shows. Spending is expected at $481 billion this year and take the first step on the road to recovery in 2021, when it is forecast to tick up by just about 2%.
The recovery will accelerate further in 2022 and 2023, with OFS spending by E&Ps reaching some $552 billion and $620 billion, respectively. Despite the boost, purchases will not return to the pre-Covid-19 levels of $639 billion achieved in 2019.
https://www.rystadenergy.com/newsevents/news/press-releases/global-ofs-demand-is-set-for-a-25pct-decline-in-2020-here-is-how-the-recovery-will-unfold/
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