Schlumberger pins hopes on increased oil prices
Oil services company hopes for improvement next year after bad Q2 results
The world’s largest oil services company Schlumberger, announced on 17 July second-quarter results that were dismal but it is eyeing an improvement next year. Revenues of $9bn were down by a quarter from the same period in 2014, before the oil price crashed, with North America now accounting for the bulk of its problems as companies suspend drilling programs. Significant cuts in customers’ budgets are expected to ease though as it sees a tightening of the oil supply-demand balance in the coming quarters, which will feed through into higher upstream spending next year. The results were well received by analysts, who thought the company was at least in a stronger position than its peers to wea
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
