The Oilfield Service Industry Will Never Truly Recover ...Middle East

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The Oilfield Service Industry Will Never Truly Recover
source : OILPRICE ( Middle East ) () 8
The oilfield service (OFS) market is projected to lose a cumulative $340 billion in purchases value over the next eight years, a Rystad Energy analysis shows, as peak oil demand will arrive earlier and at a lower level than previously thought, leading to reduced E&P investments. The Covid-19 pandemic’s effect and the accelerating energy transition last month impelled Rystad Energy to revise its peak oil demand forecast. We now see it coming in 2028, two years earlier than previously expected, at 102 million barrels per day, down from…

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