The downturn associated with Covid-19 is forecast to cause a 25% yearly drop in global demand for Oil Field Services (OFS), says a new report by analysts Rystad Energy. OFS spending is expected to reach US $481 Bn in 2020 and “take the first step towards recovery in 2021 when it is forecast to tick up by just about 2%”, said Rystad. The recovery will accelerate further in 2022 and 2023, with OFS spending by E&P players reaching $552 Bn and $620 Bn respectively. Despite the boost, Rystad said that purchases would not return to the pre-Covid-19 levels of $639 Bn achieved in 2019.
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