OGJ Newsletter

General Interest — Quick TakesOil, gas equipment sales likely to slow in 2009Global oil and gas equipment sales are expected to be slow for much of 2009 because of the economy and slumping oil prices in late 2008, said Freedonia Group Inc., a Cleveland industry research group.The oil field equipment market is forecast to increase 2.9%/year during 2008-12 to reach $85 billion in 2012. Freedonia said this growth rate is a drastic deceleration from the 15.2%/year growth during 2002-07.In its world oil field equipment study, Freedonia said the most rapid equipment demand growth through 2012 will come from a few countries in the developing world, especially Brazil, China, and Kazakhstan.N...

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