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Oil prices poised to rise as market trends improve, Schlumberger boss says

Published 10/21/2017, 07:25 AM
Updated 10/21/2017, 07:25 AM
© Reuters. Oil prices poised to rise as market trends improve, Schlumberger boss says
  • Positive trends taking shape in the oil market are setting the foundation for higher crude prices, according to Paal Kibsgaard, Chairman and CEO of Schlumberger (NYSE:SLB), the world's largest publicly traded oilfield services firm.
  • Kibsgaard says the prospect for rising oil prices has been bolstered by falling crude stockpiles around the world, financial discipline in the U.S. oil patch, a likely extension of OPEC-led production cuts and underinvestment in future crude output - all of which raise the odds that the market will swing to undersupply in the medium term.
  • But SLB's own outlook seems a bit shakier, as North America is the only region currently providing high and sustained growth for the company, which may bode well for main rival Halliburton (NYSE:HAL), whose results are due on Monday morning; HAL has long had higher exposure to the North American market relative to SLB, and the difference has widened further this year.
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