The rise, which would pull oil prices up from the below $50 per barrel mark where it has sunk since late October, should facilitate a rise in capital expenditure (capex), PwC argued.
The report highlights the precipitous decline in global upstream capex, where some commentators have said that there has been a 40 percent reduction in this genre of spending, compared to the highs of 2014.
Oilfield service companies have also been battered by a broad decrease of drilling activity, and operational costs. For example, there has been a 30 percent decrease in the day rates for drilling ships this year, compared to two years ago.
