Oil prices have recently seen upward movement, and engineering, procurement, and construction (EPC) contractors have been kept busy by Saudi Aramco and the UAE’s Adnoc this year.
But will oil prices hit $100, and what comes next for the Middle East’s EPC firms? On 3 October 2018, Brent crude hit a four-year high of $86 per barrel.
Upstream contractors are likely to benefit from this price hike as operators spend on development and redevelopment schemes. For downstream firms, the impact of these oil prices will depend on the region they predominantly operate in.
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