Throughout 2016 there were many significant events that shaped the current state of the Oil & Gas industry. As the price of oil continued to plunge, world events hinted at a very slow recovery in the sector. Projects were put on hold, headcounts slashed, but production seemed to continue unabated. Some of the events that have had or will have a major impact in this space are:
- "Brexit" shook up the EU, continued financial chaos in Italy and Greece, and a general fear of the unknown led to declines in European markets. These events drained demand for oil, putting increased downward pressure on crude prices.