What’s The Outlook For The Oil And Gas Industry in 2018?
As a regular partner, supplying custom tube bending services to the oil and gas Industry, STAM Inc., takes a keen interest in the latest industry developments, trends, and outlook for the years ahead.
While recent years have presented some challenges for the oil and gas industry with an interesting 2017 influenced by politics, natural disasters, and geopolitical challenges, there are reasons to be positive looking ahead.
While last year the oil market was still challenged by high stocks, sluggish prices, and extended OPEC cuts, there were also positives as US producers increased production and kept costs down, while demand increased enough to provide hope of brighter things ahead.
2017 also indicated some positive signs of slow progression in activity and employment in the oil and gas industry.
Some of the most pressing questions for 2018 revolve around the role the oil and gas industry’s growing position as an energy exporter and low-cost supplier. This could significantly change the nation’s position in the global energy market.
Overall, the power and utilities industry as a whole is on a movement of important change, in terms of tech, regulations, and the move towards renewable energy sources. These trends are expected to pick up even more pace in 2018.
Interestingly, a global survey on the oil and gas industry for 2018 provided some positive feedback on the overall mood within the sector, with 38 percent of respondents describing their sentiment as “hopeful” for the industry in 2018.
Another interesting stat from the RigZone industry survey was the sector deemed to be the most promising for new jobs in 2018.
46.6 percent of survey respondents think the upstream sector will offer the most new job opportunities during the year ahead.
STAM Inc., Supporting the Oil and Gas industries
STAM Inc., has been a long-term supporter of the oil and gas industries in the United States. We provide custom tube bending for oil and gas equipment that has traditionally been more difficult to make.
Previous methods have included the labor-intensive cutting and welding of pipe sections with elbows to form assemblies, leaving weld joints with the potential for leaks.
STAM’s custom tube bending methods bend piping in one continuous unit with weld joints only at the ends, providing higher levels of safety and efficiency.
Our custom tube bending work has helped produce large reductions in costs and in the installation time of various oil and gas equipment.
For more information on custom tube bending for the oil and gas industry get in touch with our experienced team.