The global oil industry had yet to recover from the price crash of 2014-15 by the time the pandemic hit in early 2020, which meant that upstream operators and service providers were already grappling with cost-related challenges and falling profit margins. The pandemic-induced shock to the global oil market served to exacerbate these trends and forced companies to reappraise expenditure plans and adopt innovative mitigation strategies. With exploration and production firms expected to face continued pressure to enhance operational efficiency and maximise resources in a way that is both cost-effective and environmentally sound, oilfield service providers will need to adapt accordingly to maintain competitiveness and profitability as the pandemic subsides. Companies in the segment that are able to provide innovative solutions at affordable prices will be best placed to expand their market share and capture new business in the years to come.
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