Service & Supply | Quarterly / Earnings Reports | Oilfield Services | First Quarter (1Q) Update
Schlumberger Talks Oil Demand, International Market Recovery
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Oil Demand.
Schlumberger CEO says he expects oil demand return to pre-pandemic level by 2022. Le Peuch said he was seeing indications that oil demand will recover to 2019 level by or before the end of 2022. This is in contrast to what he said earlier in the year that he expected the recovery no earlier than 2023.
"I believe that we are seeing the beginning of this multiyear growth," Le Peuch said.
What to expect from U.S. and International Markets
"With the gradual return of oil demand, we anticipate North America activity to level off at production maintenance levels, while international activity is poised to ramp up through year-end 2021 and beyond," Le Peuch says
We need to add some important context here, as one should remember, that Schlumberger sold it's US Frac Business to Liberty, so its safe to say that the company lacks visibility on the North American frac market.
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