The global sand control systems market was valued at USD 2.23 billion in 2016 and is expected to grow at a CAGR of 3.78% from 2017 to 2022 as per a report by MarketsandMarkets.
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Why increasing number of data centers continue to offer more opportunities?
Why new oilfield discoveries continue to offer more opportunities?
New oilfields and reserves were discovered across the globe in almost every region in 2016. According to the BP Statistical Review of World Energy, June 2017, global oil reserves in 2016 increased from 15 billion barrels to 1,707 billion barrels, which will be sufficient to meet 50.6 years of global production at the 2016 levels. Some of the major oil discoveries are Alpine High in West Texas (US), Alaska (US), the Bach Ho region of the Cuu Long Basin on the southern shelf of Vietnam, and Jathathil in Kuwait. Many countries are taking the necessary steps to discover new oilfield reserves in order to increase their crude oil production and meet the growing energy demand.
Why oil production cut agreement between OPEC and non-OPEC countries remain a major challenge?
The OPEC and non-OPEC oil producers have entered into an agreement to reduce oil production by approximately 1.76 million bpd from January 2017. A similar agreement was signed in 2001, although OPEC had agreed to reduce oil production only for six months. In May 2017, OPEC announced that it would extend cuts in oil output by nine months to March 2018, resulting in the supply cut of 1.8 million bpd being rolled over into the first quarter of 2018. A large group of non-OPEC countries has agreed to further limit oil production. The OPEC countries have jointly committed to cut oil production from 32.5 million bpd to 1.2 million bpd. Saudi Arabia, the largest OPEC producer, is bearing the largest production cut of 486,000 bpd. The non-OPEC countries including Azerbaijan, Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan have also agreed to reduce production by 558,000 bpd until the market scenario improves. Russia will be reducing its production gradually by 300,000 bpd, Mexico has agreed to cut 100,000 bpd, Azerbaijan by 35,000 bpd, and Oman by 40,000 bpd. The production cut by OPEC and non-OPEC countries can cause a reduction in the demand for sand control systems in the oil & gas industry.
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