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Rising oil prices act as a catalyst for the oilfield services market. For instance, March 2024 saw the Brent crude oil spot price averaging $85 per barrel, up $2 from February, marking the third consecutive monthly increase. Extended OPEC+ production cuts contributed to rising prices. Forecasts anticipate global oil inventories to decline by over 0.9 million b/d in 2Q24, exerting upward pressure on prices.When crude fetches a premium, oil and gas companies become more incentivized to invest in exploration and production (E&P) activities. This translates into increased drilling, well development, and infrastructure maintenance all areas where oilfield service providers play a critical role. Their expertise in well completion, seismic surveys, and other essential services becomes highly sought after during such periods. As E&P activity flourishes due to high oil prices, the demand for oilfield services consequently rises, propelling market growth.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Oilfield Services Market Report Segment
By Type
- Equipment Rental
- Field Operation
- Analytical and Consulting Services
By Application
- Onshore
- Offshore
By Service
- Workover and Completion Services
- Production Services
- Drilling Services
- Subsea Services
- Seismic Services
- Processing and Separation Services
Global Oilfield Services Market Report Segment by Region
North America
- United States
- copyright
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global oilfield services market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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