Oil’s Hired Hands See Spending Recovery Everywhere But Home
- Schlumberger, Halliburton, Baker Hughes see rebound this year
- Customers outside North America to lead increase in demand
Photographer: Andrey Rudakov/Bloomberg
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Spending by the global oil industry outside the U.S. is poised to rebound later this year, according to its largest hired hands, the latest sign of growing confidence in the outlook for crude prices.
Schlumberger, the biggest oil services company, posted better-than-expected earnings Friday and forecast an increase in overseas spending by customers in the next quarter. Earlier in the week, Halliburton Co. said markets outside North America may see double-digit growth in the second half of 2021, while Baker Hughes Co. predicted a modest recovery in Latin America, the North Sea and the Middle East.