Oil services market is expected to rise to peak of US$1 trillion by 2025, says Rystad Energy. Read more
Crude was down 8 per cent last week on jitters over the major economies, only to get a boost Sunday when the head of theThe IEA expects half of global oil demand growth this year will come from China, executive director“This may be even stronger if the Chinese economy advances stronger than we assume. Global oil and LNG demand will go upwards.”
The “seven years of famine,” the report refers to began in 2014 when the industry was hit first with an oversupply of oil from the U.S. shale boom, then OPEC and Russia flooding the market in response. The two-year COVID-19 pandemic that followed crushed demand, depressed oil prices and limited upstream spending, said Rystad.Article content
“After the rebound in 2022 we are entering a very promising 2023, with potential for 13 per cent growth both for oil and gas investments and 10 per cent for low-carbon investments,” said the report.
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