The oil industry’s best days may be behind them and winter will be tough

oil industry climateOil industry.Photo:

‘Although many believe the oil industry has reached rock- bottom, it doesn’t mean it has begun climbing’, said Ståle Kyllingstad. He thinks the winter will be tough.

The entrepreneur behind the supply company, IKM, told the Stavanger Aftenblad, that he didn’t feel that it had started to rise, but that things had stabilized at a lower level.

‘I think it’s going to rise slightly toward the end of next year. But first we must get through this winter, which for some of us will be tough. For some industries, particularly oil, it will be very tough’, added Kyllingstad.

Storbanken Nordea said they registered a recovery in the housing market, unemployment and the household ratings in Rogaland.

Storbanken Nordea CEO, Snorre Storset, differs to Kyllingstad in his assessment.

‘We are seeing the first signs of optimism, so maybe the situation has bottomed-out. We started at a relatively low level, so we can easily make a positive development. But that doesn’t mean we go from rock-bottom back to where we were at. We may never return to where we were’, said Storset.


Source: NTB scanpix / Norway Today