Lower oil prices to push global service market into recession in 2020, Rystad says

Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Norwegian intelligence firm Rystad Energy.

In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year.

“Lower oil prices call for negative growth in the service market in 2020,” said Martinsen.

“For suppliers, this means that a three-year growth story will come to an end regardless of which market segment you look at.”

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