The international petroleum engineering market is expected to rebound

Author: Yao Yunfei Sun Jian

Author unit: Petroleum Engineering Technology Research Institute

In 2020, the new crown pneumonia epidemic will have a major impact on human life and global politics and economy, and global oil demand will drop by about 10%.

Uncertainty in the industry situation has led to great uncertainty in the petroleum engineering market expectations, and new characteristics and trends will appear in the market direction.

Significant shrinkage in 2020

The new crown pneumonia epidemic has hit the oil market severely, with severe oversupply and incomplete digestion.

Global oil and gas exploration and development activities have shrunk as a whole, with investment in Brazil and North America shrinking the most.

The scale of the international petroleum engineering technology service market dropped sharply year-on-year.

The market in the Middle East and South America has a relatively small decline, while the North American market has fallen sharply.

The revenue of integrated oil service companies fell sharply.

The market performance of professional contractors varies greatly.

Good development in the medium and long term

Oil supply and demand are struggling to reach a weak balance, and oil price trends are full of uncertainty.

The international petroleum engineering market will rebound slightly.

Oil companies will increase their exploration efforts, and the geophysical prospecting market will rebound sharply, increasing by about 10%.

The medium and long-term petroleum engineering market is gradually improving.

Although the petroleum engineering market is expected to improve with the gradual control of the new crown pneumonia epidemic, the long-term development space is not optimistic.