When the oil price downturn hit in mid-2014, many commentators were expecting a short period of low prices followed by a quick recovery, as seen in 2008/2009. Such optimism was promptly replaced with bearish sentiment and a 2mn b/d crude oversupply in the wake of Opec's decision to preserve market share. Onshore North America has thus far taken the brunt of impacts from low oil prices. However, Douglas-Westwood (DW) expects the offshore sector to see the largest long-term effects from the oil price downturn.
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