Energy Information Administration projects foresee slow growth of global oil demand till 2017

Saudi Arabia: Energy Information Administration (EIA) has forecasted the growth of global oil demand to 1.44 billion barrel per day during 2016-17 driven by the increasing demand from China and India. The demand from Europe may decline following the impacts from Britain’s exit from European Union. The demand for oil will reach 1.49 billion barrel per day by 2017, increase of 20,000 billion barrel per day.

TechSci Research depicts that the demand for crude oil would continue to grow in longer term. Growing economy of China and India would drive the demand for fuel and the demand for crude oil will increase to 1.49 billion barrel per day by 2017. This would give a major boost to the Saudi Arabia Oil Field Equipment Rental Market as Saudi Arabia is the largest producer of the crude oil in the world.

According to a recently released report of TechSci Research, “Saudi Arabia Oil Field Equipment Rental Market Forecast & Opportunities, 2020”, Saudi Arabian market for oil field equipment rental is projected to grow at around 11% through 2020. The eastern region of the country accounts for a lion’s share in Saudi Arabia’s oil field equipment rental market, and the region’s dominance is expected to continue over the next five years. Drilling equipment rental segment accounts for majority of equipment rental revenues, followed by production equipment rental segment.