Schlumberger sees global oil industry rebound on rising demand [Business News Network (BNN) Energy & Resources (Canada)]
Schlumberger N.V. (SLB)
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Source: Business News Network
Schlumberger sees global oil industry rebound on rising demand Schlumberger Ltd. ( SLB.N ), the world’s biggest oilfield servicer, said the global oil industry is set to improve in 2019, supported by a “solid demand outlook” as production cuts from OPEC and its partners take effect. Exploration and production investments are “starting to normalize as the industry heads toward a more sustainable financial stewardship of the global resource base,” the company said in its first-quarter earnings release. Higher investments in international markets are required to keep production flat, while North America land is set for lower investments, Schlumberger said. Key Takeaways -Chief Executive Officer Paal Kibsgaard is trying to rally investor enthusiasm after the drilling and fracking giant lost more than half its value amid the worst crude crash in a generation. Global oil prices have recovered some of their losses, but are still down more than a third from their June 2014 high. Schlumberge
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