Abstract
Supply concerns drive record oil prices
US demand for products and services used in drilling oil and natural gas wells
is forecast to continue expanding from a high base through 2012 as a result of
record-setting energy prices. Underlying the recent spikes in spot prices for
crude oil is the continuation of global and regional market tightness in crude
oil and natural gas supplies. Despite emerging economic concerns, rising
demand in industrializing nations is pushing up global oil consumption at a
time when many key producing areas are facing difficulties in maintaining and
expanding their oil output. This tenuous market situation has eroded spare
production capacity and sharply increased crude prices, a development not
aided by continuing concerns over the political stability of several important
oil exporting nations. Similar supply concerns are found in the US natural gas
market, as stagnant production and import infrastructure limitations have
restrained supplies, pushing prices high enough to force a significant portion
of industrial consumers out of the market. Although domestic oil and natural
gas prices are likely to ease by 2012, continued market tightness is expected
to leave prices elevated through the forecast period.
Study coverage
It presents historical demand data for the years 1997, 2002 and 2007 and
forecasts for 2012 and 2017 by product and region. The study also considers
the upstream environment of the domestic oil and gas industry, complete with
projections assessing future oilfield activity and the impacts of emerging
trends. Included are company market share evaluations and 27 leading supplier
profiles.
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