New Year May Again Bring Coal To Stockings Of Oil Services Companies But Better Times Lay Ahead [Forbes]
FTS International, Inc. Class A (FTSI)
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Source: Forbes
Next year promises to be another challenging year for the oil services industry, but as the saying goes, it’s always darkest before the dawn, and it’s possible to see better days ahead for the beleaguered sector. OPEC supplied some much-needed good news on Friday when it agreed to deepen supply cuts by 500,000 barrels a day Compliance with the deal will be critical to determining how many new barrels come off the market, given that the OPEC and its non-OPEC partners, led by Russia, were already producing more than 400,000 barrels a day under the previous quota. Production data out of notorious cheaters Iraq, Nigeria and Russia The OPEC-plus partners That’s no small feat in an oil market that will see non-OPEC oil supplies surge again International Agency The oil services market has been unforgiving since the oil price collapse of 2014. Houston-based law firm Haynes and Boone LLP have tracked the filing of 190 oilfield services bankruptcies, including top-five player Weatherford Oil s
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