Demand for US hydraulic fracturing services will unlikely return to pre-pandemic levels until 2025, according to a study by a global oil consultancy firm. According to the firm, demand recovery for hydraulic fracturing or fracking will be slow and painful. It said that even at an oil price of above $60/barrel, the US oil & gas industry would need about 250 to 300 fracking fleets, compared to a peak of more than 400 fleets in 2018.
The study suggests that the US fracking market will remain oversupplied until next year. It also expects fracking service providers to consolidate to help balance the industry. Earlier in September, fracking service provider Liberty Oilfield Services acquired a pressure pumping division of Schlumberger for a 37% stake in the firm.
