OIL PRICES AFFECTING DEMAND FOR SPECIALIST COATINGS IN MENA AREA
March 1st, 2017
DEMAND for coatings for the Middle East’s oil and gas sector has been sluggish in the wake of lower energy prices. New infrastructure projects and maintenance is ongoing, but with government and national oil companies’ (NOCs) budgets getting tighter, so is the demand for innovative coating solutions.
When oil prices dropped from USD100 a barrel in 2014, to USD28.94 in early 2016, Middle East and North Africa (MENA) oil export revenues shrank from USD1.49 trillion in 2014 to USD1 trillion in 2016, according to the International Monetary Fund (IMF). As ...
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