Analysts: First phase in the oil upswing is in progress

A comprehensive report from SEB concludes that the oil industry is on the way up after a long period of slashing costs on a mass scale.

Photo: PR-foto: Statoil

The oil industry has entered the first phase of an burgeoning international recovery, conclude three oil analysts from bank SEB in a new report on the oil service industry, report several Norwegian news media including Dagens Næringsliv.

The report, SEB's E&P Spending Survey, examines the budgets and projects of the 40 largest oil companies in the world – which represent 60-70 percent of global investments within oil and gas – and includes interviews with several key people in the industry.

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