DUBLIN, March 7, 2016 /PRNewswire/ --
The global offshore drilling market is expected to grow at a CAGR of 9.25% by 2019, according to an industry report available from Research and Markets. The report accredits this growth to an increasing consumption of oil and gas, but it was revealed today that the current surplus of accessible oil has resulted in the idling of a number of US drill rigs.
US drillers have decided to cut the number of active drill rigs from 400 to 392, the lowest level since December 2009, yet rising stockpiles are keeping oil supplies at its highest level in over eight decades. The decline in US production levels is expected to benefit the market for the time being, and other countries including Saudi Arabia and Russia have agreed to freeze their output in an attempt to combat the global oil surfeit.
The global offshore crane market is forecast to be worth USD 23.4 billion by 2020, as stated in a recent report, growing at a CAGR of 8.2% between 2015 to 2020. This value could be lower if international drillers are forced to disuse additional drill rigs.
The global oil and gas field equipment and services market is set to grow with a CAGR of 6% by 2020, as predicted in a market report. Again this forecast could be lower if the current oversupply problem is not addressed, as less producers will be able to continue to sell their oil in an overcrowded market.
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SOURCE Research and Markets