Oilfield Service Growth Stalls After Years of Expansion

Growth in the oilfield service industry seems to be leveling off. After strong and steady growth in 2022 and 2023, the industry posted a more modest 2.4% increase last year and is forecast to shrink by 0.6% this year. Binny Bagga, Vice President Service Market at Rystad Energy Market volatility, heightened geopolitical tensions and cost and capacity challenges set the scene for a mixed outlook for the oilfield services industry this year, with the effects unevenly distributed across segments and regions – all against the backdrop of the continuing…