Geophysical Equipment and Services Market

A radical increase in crude supply from early March 2020, massive demand destruction due to the COVID-19 pandemic, and the subsequent drop in oil price drastically impacted the global oil & gas industry. Oil & gas companies have reacted sharply and reduced exploration and production spending (E&P). As most of the exploration market is set from discretionary spending, the demand for geophysical equipment and services has fallen to unprecedented levels due to the spending cutbacks.

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