Service industry set for 2020 recession: Rystad

RYSTAD Energy believes the oil and gas service industry’s growth is about to take a hit thanks to lower prices through 2019, and predicts a recession next year.

Service industry set for 2020 recession: Rystad Service industry set for 2020 recession: Rystad Service industry set for 2020 recession: Rystad Service industry set for 2020 recession: Rystad Service industry set for 2020 recession: Rystad

Consultancy suggests $60 oil will drive down next year's revenue

 
Head of oilfield services research Audun Martinsen forecasts a 4% decline in revenue for service companies globally if the oil price doesn't rise.