Oil Economy Focus Rapid Review
Rystad Energy sees its peak demand forecast coming in 2028, two years earlier than expected, at 102 million barrels per day rather than 106 million bpd. Oil field service purchases are expected to stay flat in 2021 before starting a slow recovery and returning to pre-pandemic levels after 2024. Shale investments were expected to grow by 45% in 2022 but now Rystad pegs them at 30%. Offshore investment levels are expected to return to 2019 levels in 2023.
LINK TO THE SOURCE ARTICLE: Upstream O&G investments may never make it back to 2019 levels
