EnergyWatch

Oil service suppliers will have to wait years for a recovery

Analyst firm Rystad Energy projects that oil service suppliers might have to wait until 2025 before the market reaches its former glory seen before the oil price collapsed. For drilling companies, it will take even longer, says the firm.

Photo: /ritzau/AP/Mark J. Terill

It will take several years before the oil service market returns to the revenue levels seen before the oil price collapsed back in 2014, projects Rystad Energy.

In the last four years, suppliers servicing the oil companies have been under pressure due to the decline in the price for a barrel of oil, and this has resulted in significantly lower activity, earnings levels, insolvencies and large-scale layoffs.

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