The world's oil majors have an iron grip on oil service companies

Although the oil price is on the rise, oil majors keep suppliers' price clamped down. This also impacts Welltec, which is now fighting back. 

Photo: Pilar Olivares / Reuters / Ritzau Scanpix

An intense price pressure weighs down Danish technology company Welltec, which supplies equipment to the oil industry.

Major multi-national oil groups have managed to keep suppliers' prices down since the collapse of the oil price knocked the bottom out of the market, knocking Welltec and others off course. And the pressure remains although the oil price has since stabilized.

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