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Baker Hughes See International Markets Heating Up: Platts

ENERGY
Energy BulletsHomepageBulletCommoditiesBaker Hughes A Market News

Baker Hughes sees a balanced global oil market, although powering up international spheres are offsetting tapering North American activity and decreasing natural gas basins, Platts said citing the company’s top executives.

  • "In North America, our outlook remains for a year-over-year decline in the low to mid-single digit[s]," Baker Hughes CEO Lorenzo Simonelli said.
  • " We continue to anticipate declining activity in US gas basins, partially offsetting modest improvement in oil activity during the second half of the year," he added.
  • Internationally, Baker Hughes maintains expectations for high single-digit growth.
  • Growth is expected to be led by offshore markets in LATAM and WAF, as well as the Middle East.
  • Simonelli said that the next phase of the upstream spending cycle will focus increasingly on optimization of existing assets.
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Baker Hughes sees a balanced global oil market, although powering up international spheres are offsetting tapering North American activity and decreasing natural gas basins, Platts said citing the company’s top executives.

  • "In North America, our outlook remains for a year-over-year decline in the low to mid-single digit[s]," Baker Hughes CEO Lorenzo Simonelli said.
  • " We continue to anticipate declining activity in US gas basins, partially offsetting modest improvement in oil activity during the second half of the year," he added.
  • Internationally, Baker Hughes maintains expectations for high single-digit growth.
  • Growth is expected to be led by offshore markets in LATAM and WAF, as well as the Middle East.
  • Simonelli said that the next phase of the upstream spending cycle will focus increasingly on optimization of existing assets.