Baker Hughes See International Markets Heating Up: Platts

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.