By Audun Martinsen, partner & head of energy service research, Rystad Energy
The Omicron virus variant has plunged the world into yet more uncertainty in recent months – but even so, 2021 will be remembered as the year when the pandemic loosened its grip on global energy markets and the supply chain could start to recover from last year’s 14% drop in global energy spending. Investments grew 7% this year, putting economies, energy demand and the supply sector on the road to recovery.
More than a million oilfield services (OFS) jobs globally "will likely be cut" as the industry grapples with the oil price war and the effects of the coronavirus, according to Rystad Energy.
