The market is firming up while more difficult-to-machine materials are used Manufacturing for the oil and gas markets is in a transition. The oil market has firmed up after prices plunged earlier this decade. That’s helping suppliers of machines used to produce parts for oil and gas exploration and distribution, as well as the companies that make those parts. At the same time, there are new challenges as difficult-tomachine materials are used more frequently.
“Beginning late 2016 and early 2017, oil prices recovered from their lows of January–February 2016,” said Darshan Kalyani, oil and gas industry analyst for IBISWorld. Brent crude price slid to about $33–$34 a barrel, Kalyani said, while in this year’s first quarter it recovered to about $66 a barrel.