March 18, 2020 / 7:30 AM / in 13 days

Schoeller Bleckmann sees weakness in North America due to coronavirus, oil price war

March 18 (Reuters) - Austrian oilfield equipment producer Schoeller-Bleckmann (SBO) said on Wednesday it is seeing weakness in its North American market due to the coronavirus outbreak and the oil production conflict between Saudi Arabia and Russia.

On the weekend of March 7, 2020, there was an escalation in the conflict between Saudi Arabia and Russia that led to a significant drop in prices, which is being made worse by the coronavirus epidemic, SBO said.

“North America will remain weak due to the low oil price. On the international markets, there is hope that the oil and gas companies’ spending for exploration and production will be adjusted only moderately,” Chief Executive Gerald Grohmann said. (Reporting by Zuzanna Szymanska in Gdansk, editing by Louise Heavens)

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