Rystad: Low Prices To Send Oil Services Market Into Recession

Following three consecutive years of growth, the oilfield services market is set to slip into recession in 2020 if oil prices stay at their current low levels, Rystad Energy said on Wednesday. According to Rystad Energy, total global revenue of oilfield services firms will decline by 4 percent in 2020 if oil prices stay flat next year.   This year, the oilfield services market is expected to grow by 2 percent to US$647 billion, the energy consulting and business intelligence firm has estimated. But if oil prices stay at around US$60 a…